ABG Sundal Collier har mod betaling udarbejdet denne analyse af Eolus Vind:
- Lower margin than expected…
- …but Öyfjellet still to be completed in ‘21
- ’21 EBIT down 13%, fair value range lowered slightly
Q2’21 EBIT falls short of expectations
Eolus had Q2’21 sales of SEK 673m, 6% ahead of our forecast of SEK 634m. The main driver of the revenue was the handover of the Wind Wall project, which was delayed by 6-9 months, primarily due to pandemic-related issues. Management stated that the delay had a clear negative effect on the project’s profitability. In addition, the company recognised another 9% of revenue related to the Öyfjellet project. Group EBIT only reached SEK 8m in Q2’21 vs. ABGSCe 47m, and we suspect that in addition to the final Wind Wall revenue recognition proving less profitable than expected, the Öyfjellet project also did not contribute much to Q2 EBIT. The project portfolio increased from 7.8 GW in Q1 to 9.0 GW at the end of Q2, supported by increases across all technologies outside of Solar. In addition, the late-stage part of the portfolio increased from 1.3 GW in Q1 to 1.8 GW in Q2, an important indication that Eolus continues to successfully build its near-term pipeline.
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.
