{"id":22068,"date":"2024-01-23T09:12:28","date_gmt":"2024-01-23T08:12:28","guid":{"rendered":"https:\/\/integrae.it\/?p=22068"},"modified":"2024-01-23T09:12:29","modified_gmt":"2024-01-23T08:12:29","slug":"update-23-01-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-01-2024\/","title":{"rendered":"UPDATE &#8211; 23.01.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In its press release of January 15, 2024, Altea Green Power announced its approval of the new 2024-2028 Business Plan, drawn up considering the significant progress over the last year, in comparison with the expectations of the 2021-2025. The business strategy for the period 2024-2028 is focused on consolidating the positioning of Altea Green Power as a leading player in the development of BESS projects in Italy, with the aim of achieving a market share of around 10.0%, and an installed power of over 5GW by 2028. The Company also plans to continue the expansion of storage co-development projects in the USA and grow its business activities in the development, construction and management of proprietary photovoltaic plants in Italy.\u00a0<br><br>In light of the new Business Plan, we have adjusted our estimates for both the year just conncluded and the coming years. In particular, we now estimate a FY23E value of production equal to \u20ac 17.20 million, and an EBITDA equal to \u20ac 7.25 million, corresponding to a margin of 42.2%. In the following years, we expect the value of production to rise to \u20ac 54.40 million (CAGR FY22A &#8211; FY26E: 34.3%) in FY26E, with EBITDA equal to \u20ac 33.75 million (corresponding to a margin of 62.0%), up from \u20ac 6.16 million in FY22A (corresponding to an EBITDA margin of 36.8%).<br><br>We conducted our valuation of the equity value of Altea Green Power based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.0% in the calculation of the WACC) returned an equity value of \u20ac 271.3 million. Using market multiples, the equity value of Altea Green Power is \u20ac 213.4 million. The results give an average equity value of \u20ac 242.4 million.\u00a0<strong>The target price is \u20ac 14.00 (prev. \u20ac 6.75). We confirm a BUY rating and MEDIUM risk.<\/strong><br>\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In its press release of January 15, 2024, Altea Green Power announced its approval of the new 2024-2028 Business Plan, drawn up considering the significant progress over the last year, in comparison with the<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-22068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 23.01.2024 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-23-01-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 23.01.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In its press release of January 15, 2024, Altea Green Power announced its approval of the new 2024-2028 Business Plan, drawn up considering the significant progress over the last year, in comparison with the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-23-01-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-23T08:12:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T08:12:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 23.01.2024 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-23-01-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 23.01.2024 - integrae.it \u2013 Financial Boutique","og_description":"In its press release of January 15, 2024, Altea Green Power announced its approval of the new 2024-2028 Business Plan, drawn up considering the significant progress over the last year, in comparison with the","og_url":"https:\/\/integrae.it\/en\/research\/update-23-01-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-01-23T08:12:28+00:00","article_modified_time":"2024-01-23T08:12:29+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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