ABG har mod betaling udarbejdet denne analyse af Eolus Vind:
- Bäckhammar & Stigafjellet provided SEK 78m in EBIT
- Slight delay for Wind Wall, delivery year-end ‘20
- Long-term outlook intact, value range SEK 117-173
Solid project profitability while FX burdened EPS
The Q4 report was largely in line with our expectations. Sales were SEK 457m vs. our estimate of SEK 450m and EBIT was SEK 78m, -11% vs. our SEK 87m. The EBIT margin was 16.8% (ABGSCe 19.3%). Project development had sales of SEK 451m and EBIT of SEK 74m, with the earnings coming from the completion and delivery of Bäckhammar and Stigafjellet. Asset management contributed SEK 3m to EBIT and Eolus now has 903 MW under management. However, EPS was well below our expectations at SEK 1.32 (ABGSC at 3.08) due to unexpected negative FX effects on net financials, resulting from an unfavourable USD/SEK, which cost SEK 35m net.
