ABG Sundal Collier har mod betaling udarbejdet denne analyse af Eolus Vind:
- Acquires two fully permitted wind power projects in SE3
- We raise ’22e EBIT by 24% and ’23e by 18%
- New fair value range of SEK 193-252 (190-250)
Acquires two wind power projects, totalling 99 MW
On Friday (18 June), Eolus Vind announced that it has acquired two fully permitted wind power projects from RWE Renewables Sweden. The purchase price was not disclosed, but we argue that a premium is warranted due to the late development stages of the projects and thus the lower project risk. The projects are located in Sweden, in price area SE3, and management highlights that it sees continued strong investor interest in this area due to the higher electricity prices. Together, the acquired projects total 99 MW, of which 74.4 MW in Avesta municipality (Skallberget/Utterberget) and 24.8 MW in Hedemora municipality (Tjärnäs), areas where Eolus has solid experience from earlier projects. The sales process will begin this summer with the ambition to sign an investor agreement during the autumn. The commissioning is planned during 2023.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
