Ellomay Capital (ELLO)

Business description

Ellomay Capital is a utility project owner, operator and developer focusing on alternative energy in Israel and developed Europe (Italy, Spain and the Netherlands).

Stock data

Market cap.US$101.1m
Last closeUS$9.47
High / Low (52 weeks)US$9.5 / US$7.7
Stock market listingTel Aviv Stock Exchange
Forecast net debt (US$m)80.4
Forecast gearing ratio (%)74
SectorAlternative Energy

Price performance

Relative *2.44.4(9.3)

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 13.8 9.7 5.3 67.91 13.9 10.1
2016A 12.9 7.5 (0.5) (10.98) N/A 9.5
2017E 14.5 9.6 (0.4) (13.00) N/A 17.3
2018E 23.5 16.0 4.4 31.24 30.3 7.8

Last updated on 08/12/2017

Investment summary

Ellomay’s current market capitalisation of $85m is only $5m higher than the adjusted combined book value (acquisition value of its project assets at $135m less net debt of $55m). Our SOTP valuation suggests the market does not seem to fully factor in the upside from the completed acquisition of a 9MW photovoltaic plant in Talmei Yosef, Israel, nor the scheduled completion of the two waste-to-energy plants in the Netherlands.

Last updated on 13/12/2017

Industry outlook

The credit rating downgrade by Standard & Poor’s Maalot on 13 November 2017 triggers an increase of 0.25% in the annual interest rate payable on the principal of $5.5m debentures. We model an increase in interest expenses by 23% in FY18 and 27% in FY19. To fund project development and asset acquisitions, the company’s net debt increased to $55m in H117, from $34m in FY16.

Last updated on 13/12/2017

Key management

Shlomo Nehama , Chairman
Ran Fridrich, CEO
Kalia Weintraub, CFO

Company address

9 Rothschild Boulevard
Tel Aviv
+972 3 7971111
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