Frost & Sullivan Publishes Update on Enlight Renewable Energy - Revenues from sales of electricity in 2017 met expectations; full commercial operation in Ireland; a growing project pipeline; stock target price remains at 2.30
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Summary of Highlights
Enlight released its annual report on 28 March, 2018 detailing the following:
The Company's revenues from electricity totaled NIS 146 million, including electricity from the Company's project in Ireland.
- Financially, the company is in a strong position, and plans to offer bonds totaling NIS 120-150 million in April
- Full commercial operation in Ireland as of December 2017
Continued activity in the promotion and planning of the company's development pipeline project (see below).
- Accumulated projects grew with the acquisition of the rights to three projects in Hungary alongside the acquisition of rights to a 105MW project in Kosovo.
- We estimate 20 projects and electricity production facilities with a total capacity of 800 MW, which are wholly or partially owned by the Company and rules for active installations (connected to the network) or those in the process of development or execution.
We maintain the Company's value at NIS 1.07 billion, corresponding to a target price ranging between NIS 2.17 and NIS 2.45; a mean of NIS 2.30 per share.
- Our estimate does not include projects in the Company's pipeline at various stages of development, for which we do not have accurate information or whose probability of development is still low. Thus, in our assessment, there exists additional growth potential for value beyond that estimated.
About the company - Enlight Renewable Energy Ltd. is an Israeli company founded in 2008, which is publically traded on the Tel Aviv Stock Exchange. The company specializes in the initiation, development, financing, construction, management, and operation of projects involving the generation of electricity from renewable energy sources. It is currently active in the fields of Solar Photovoltaic (PV) and Wind Energies. Once production rights are secured through government tenders, Enlight sells the electricity generated to utility companies and thereon to end users.
Read the full report here.
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SOURCE Frost & Sullivan
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