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Frost & Sullivan Publishes Q1-2018 Update on Energix Renewable Energies. Polish Power Exchange reforms have a positive effect; stake in Ilawa Wind Energy project in Poland increased from 75% to 100%; all projects in development are progressing according to schedule; target price raised to NIS 4.61

Equity Research is published in the framework of the Tel Aviv Stock Exchange (TASE) Analysis Program

TEL AVIV, Israel, July 2, 2018 /PRNewswire/ — The TASE analysis project was launched in 2016 in order to raise investors’ awareness to TASE-listed technology and life-science companies and the markets in which these companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by improving understanding of these industries and companies in the market.

In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.

Summary of Highlights:

On 30 April 2018, the Polish Power Exchange published new indices for green certificates traded on the Property Rights Market.

  • The aim of the changes is to account for significant increases, both to date and in the future of IPPs active in the Polish Renewable Energy market  and accordingly, in the increased trading volume of green certificates.
  • The changes have resulted in increased market volatility with a general upwards trend line.

The company hedged approximately 50% of its electricity sales for the months May-December 2018.

  • Future prices indicate that the market will begin to stabilize towards the latter end of H2-2018, when purchase prices from IPPs will range roughly between 180-200 Polish Zloty.
  • This is a strategic step from Energix executives, demonstrative their effective management and navigation of global energy market trends.

After the release of its quarterly update for the reporting period ending March 31 2018, Energix reported the following significant milestone on 23 May 2018:

Energix announced that it has increased its stake in the Ilawa Wind Energy project in Poland from 75% to 100%. This corresponds to an increase in installed capacity from 9.9MWp to 13.2MWp.

  • As a result of the acquisition the company expects to report in Q2-2018 an additional one-time pre-tax profit of NIS 7M.
  • Purchase price paid for the additional 25% holding in the facility was NIS 3.6M.

Energix released its quarterly report for Q1-2018 on 14 May, 2018 detailing the following:

EBITDA for Q1-2018 totaled NIS 26.4M, an increase of 78.4% from Q1-2017.

  • The company has updated its expected results for 2018 to approx. NIS 164M

We increase Energix’s equity value to $486.2M / NIS 1,736M corresponding to a target price ranging between NIS 4.38 and NIS 4.88; a mean of NIS 4.61.

  • Equity value to EBITDA ratio 13, compared with a 15.0 industry multiple. In other words, Energix has additional growth potential.
  • For a detailed breakdown of our valuation methodology for the Company please refer to our Initiation of Coverage report of 25 June 2017.

About the Company – Energix Renewable Energies Ltd. (hereinafter “Energix” or “the Company”) is a renewable energy company, currently active in the field of Solar Photovoltaic (PV) and Wind Energies. As one of the largest Israeli Independent Power Producers (IPPs), the company initiates, develops, constructs and owns long-term renewable energy projects. Once it has secured production rights through government tenders, Energix sells the generated electricity to utility companies who distribute electricity to end users. Energix shares have traded on the Tel Aviv Stock Exchange since 2011.

Read the full report here.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us:  Start the discussion

Contact:

Kristi Cekani 
Corporate Communications – Frost & Sullivan, Europe
P: +39.02.4851.6133
E: [email protected]
http://www.frost.com

 

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SOURCE Frost & Sullivan

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