Ellomay’s Q117 results reflected an improvement in solar radiation levels and higher spot power prices in Italy. Gross profit improved by 37% (Q117 vs Q116) and sequentially by 44% (Q117 vs Q416), although G&A costs increased by 26% as new project costs increased, so operating profit was down 12%. Ellomay continued to invest in the development of new projects in Israel, the Netherlands and Spain, with further newsflow expected on their development over the course of the year. Also of note was the strong cash generation over the quarter. We maintain our earnings forecasts and fair value per share at $10.93, which offers 25% upside to current levels.

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