Ellomay Capital (ELLO)

Business description

Ellomay Capital owns an international portfolio of power generation assets comprising solar plants in Italy and Spain and a gas-fired power plant in Israel. It operates principally in regulated markets.

Stock data

Market cap.US$83m
Last closeUS$7.78
High / Low (52 weeks)US$9.5 / US$7.0
Stock market listingTel Aviv Stock Exchange
Forecast net debt (US$m)80.4
Forecast gearing ratio (%)74
TeamIndustrials
SectorAlternative Energy

Price performance

%1m3m12m
Actual(8)(8.5)1.6
Relative *(9)(12.7)(14.4)

* % Relative to local index

Other companies in sector Show

Company news

Ellomay Capital Announces Closing of Acquisition of 51% in an Anaerobic ...

Wed, 21 Dec 2016 10:33:38 GMT

Ellomay Capital Announces Entry Into The Netherlands Renewable Energy Market

Tue, 09 Aug 2016 09:00:00 GMT

Ellomay Capital Reports an Update to the Standard & Poors Maalot Rating

Tue, 14 Nov 2017 13:52:30 GMT

Form 6-K Ellomay Capital Ltd. For: Mar 14

Tue, 14 Mar 2017 12:22:30 GMT

Form 6-K Ellomay Capital Ltd. For: Oct 19

Thu, 19 Oct 2017 10:52:30 GMT

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 11.4 8.3
2016A 12.9 7.5 (0.5) (10.98) N/A 7.8
2017E 14.5 9.6 (0.4) (13.00) N/A 14.2
2018E 23.5 16.0 4.4 31.24 24.9 6.4

Last updated on 30/10/2017

Investment summary

Ellomay Capital is a renewable power asset owner, operator and developer. Currently, most of its operating cash flows come from 30.5MW of solar power plants in Italy and Spain (at a cash yield of 10% pa). A 9.375% stake in the gas-fired Dorad Power Plant in Israel also contributes to EBIT. The company has just completed the acquisition of a 9MW solar plant in Israel in October 2017. In 2018, management seeks to generate additional revenue streams with the completion of two waste-to-energy plants in the Netherlands. Our updated fair value per share of $11.3 takes into account existing and new revenue streams, a higher level of leverage required to fund its growth and a 20% discount due to the limited free float.

Last updated on 30/10/2017

Industry outlook

Ellomay operates solar PV assets in Spain and Italy, and has an equity stake in a gas-fired power plant in Israel. All three markets have seen tariff reductions imposed by regulatory authorities and governments in recent years. Regulatory risk is the main potential negative driver of Ellomay's earnings, given that a high percentage of its earnings are derived from tariff subsidies. This aside, subsidised power generation provides attractive, steady cash flow for asset owners that will either be distributed or reinvested.

Last updated on 03/10/2017

Key management

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

Company address

9 Rothschild Boulevard
Tel Aviv
Israel
+972 3 7971111
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