JPMorgan mener, at investeringsmulighederne er betydelige i sektoren for vedvarende energi, fordi der sker en eksplosion i produktionen af elektricitet fra vedvarende energikilder. Men banken gør også opmærksom på, at prisniveauet er blevet højt. Selskaber i den grønne el-produktion handles nu til en P/E på 35. Europæiske selskaber har indtaget en førerposition, selv om europæerne på selve teknologiområdet har haltet bagefter i de seneste årtier. Derfor mener JPMorgan, at investorer skal gå ind i europæiske aktier for vedvarende energi.

Uddrag fra JPMorgan:

Renewable energy

Turning to renewable energy, the opportunity is clear. Renewable energy is a large and growing market driven by decarbonization and the electrification of energy.

Demand is well supported globally by policymakers, customers and economies, and renewable energy is the cheapest form of new current generation almost everywhere.

We can see electricity generation accounting for as much as 50% of total renewable energy in 30 years, up from a current level of 7%. But while the growth prospects are enticing, they are well understood by investors. The median stock in the renewable energy sector rose over 100% in the last year and now trades at more than 35x forward earnings.

Interestingly, European companies have taken leadership roles in many instances, in stark contrast to the European experience in technology over the past two decades. This is another reason to stay invested in European equity.

We can still find attractive opportunities in residential solar, electricity grid infrastructure and battery technology, but patience will be required, given recent investor enthusiasm and high valuations.

Renewable energy’s enticing growth prospects are well understood by investors

EXHIBIT 2: POWER GENERATION SECTOR MIX

Source: BloombergNEF, IEA; data as of December 16, 2020.