Ori­gi­nal-Re­se­arch: En­er­gy S.p.A. – (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: En­er­gy S.p.A. – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to En­er­gy S.p.A.
Com­pa­ny Name: En­er­gy S.p.A.
ISIN: IT0005500712

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 2.75 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Mar­cel Gold­mann, Cos­min Fil­ker

„Im­portant tech­no­lo­gy for the green en­er­gy tran­si­ti­on“ The ad­van­cing en­er­gy tran­si­ti­on opens up growth po­ten­ti­al; cle­ar­ly pro­fi­ta­ble growth with en­er­gy sto­rage sys­tems is ex­pec­ted; tar­get pri­ce: € 2.75 and Buy ra­ting

En­er­gy S.p.A. (En­er­gy) is a com­pa­ny ac­ti­ve in the field of en­er­gy sto­rage sys­tems (ESS), which play a key role in the en­er­gy tran­si­ti­on and in­cre­asing in­de­pen­dence from fos­sil fuels. The company’s en­er­gy-sto­rage so­lu­ti­ons pro­mo­te self-con­sump­ti­on, grid sta­bi­li­ty and sup­port CO2 re­duc­tion. Due pri­ma­ri­ly to the on­go­ing boom in re­ne­wa­ble en­er­gies, En­er­gy has been able to grow dy­na­mi­cal­ly in re­cent ye­ars (2019 to 2022) with an avera­ge an­nu­al growth rate of 116.3% (CAGR) and has thus be­ne­fi­ted si­gni­fi­cant­ly from the „green“ trans-for­ma­ti­on in the en­er­gy and mo­bi­li­ty sec­tor (e‑mobility) with its pro­duct port­fo­lio.

In the past 2022 fi­nan­cial year, the com­pa­ny achie­ved re­cord sa­les of € 126.45 mil­li­on (pre­vious year: € 51.51 mil­li­on) and thus once again re­cor­ded si­gni­fi­cant sa­les growth. The main growth dri­ver pro­ved to be the in­creased sa­les of en­er­gy sto­rage sys­tems, which dou­bled com­pared to the pre­vious year to more than 18,851 sys­tems sold (pre­vious year: 9,150). In ad­di­ti­on to the strong re­ve­nue growth in the Ita­li­an do­me­stic mar­ket (share of re­ve­nues in 2022: 84.9%), in­creased for­eign busi­ness also boos­ted Group re­ve­nues.

Ho­we­ver, due to ne­ga­ti­ve re­gu­la­to­ry ef­fects, the first six months of the cur­rent 2023 fi­nan­cial year saw a slow­down in re­ve­nue com­pared to the same pe­ri­od of the pre­vious year to € 39.30 mil­li­on (pre­vious year: € 53.30 mil­li­on). The main re­ason for this re­duc­tion was the free­zing of tax cre­dits for BESS plants and other re­me­dia­ti­on me­a­su­res by the Ita­li­an go­vern­ment. Ho­we­ver, this re­gu­la­to­ry si­tua­ti­on has ea­sed sin­ce the midd­le of the year. Due to the de­crease in tur­no­ver, EBITDA and EBITDA mar­gin also de­creased to € 8.50 mil­li­on and 21.8% re­spec­tively. En­er­gy ex­pects a fur­ther up­turn in the ex­port busi­ness in the se­cond half of the year and fur­ther pro­gress in gai­ning new cus­to­mers in the in­dus­tri­al, agri­cul­tu­ral mo­du­le and lar­ge buil­ding sec­tors.

In view of the cur­rent un­cer­tain­ties, the ma­nage­ment re­mains con­fi­dent that the com­mu­ni­ca­ted mid-term tar­gets (re­ve­nue CAGR: 30.0%; EBITDA 20.0%) can be achie­ved, alt­hough over a lon­ger pe­ri­od than com­mu­ni­ca­ted at the IPO. In view of the strong de­mand in the Com­mer­cial & In­dus­tri­al, Uti­li­ty Gra­de, Agri­cul­tu­ral Pho­to­vol­taics and En­er­gy Com­mu­ni­ties seg­ments, this com­pa­ny is in a good start­ing po­si­ti­on to re­turn to its dy­na­mic growth path.

For the cur­rent fi­nan­cial year, we ex­pect a tur­no­ver of € 65.78 mil­li­on and an EBITDA of
€ 11.19 mil­li­on. From the 2024 fi­nan­cial year on­wards, the re­turn to pro­fi­ta­ble growth mode should be suc­cessful. The main growth dri­vers should be the in­creased ex­pan­si­on of their for­eign busi­ness, the ex­pan­si­on of their pro­duct port­fo­lio and the im­pro­ve­ment of brand vi­si­bi­li­ty.

Ba­sed on our esti­ma­tes, we have de­ter­mi­ned a fair va­lue of € 2.75 per share with the help of our DCF mo­del. In re­la­ti­on to the cur­rent share pri­ce le­vel, we as­sign a „Buy“ ra­ting and see si­gni­fi­cant share pri­ce po­ten­ti­al.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:

Kon­takt für Rück­fra­gen
Hal­der­stra­ße 27
86150 Augs­burg
0821241133 0
Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.



Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

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