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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$86.6m
Last closeUS$8.11
High / Low (52 weeks)US$10.6 / US$7.7
Stock market listingTel Aviv Stock Exchange
Forecast net debt (€m)69.3
Forecast gearing ratio (%)81
TeamIndustrials
SectorAlternative Energy

Price performance

%1m3m12m
Actual(2.3)(3.3)(6.2)
Relative *(3.7)(7)(18.1)

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 11.6 6.8 (0.1) (2.00) N/A N/A
2017A 13.6 7.5 (6.3) (57.00) N/A 15863.7
2018E 19.7 12.0 3.6 28.01 24.8 10135.4
2019E 20.5 12.7 4.5 34.29 20.3 32173.8

Last updated on 10/07/2018

Investment summary

Over 2017, Ellomay made large investments in new projects and in acquisitions, which we expect to drive significant revenue and profit growth in 2018. Results for Q1 (normally weak due to seasonality) showed a 20% y-o-y growth in revenues and were in line with management expectations for FY18. We expect the following quarters to also show a pick-up in earnings. Looking beyond 2018, Ellomay has announced significant progress on Talasol, a large Spanish solar PV plant, which could reach financial close before the 2018 year-end. Our valuation of $11.0 per share implies c 28% potential upside.

Last updated on 10/07/2018

Industry outlook

We expect sustained renewable infrastructure growth in Europe driven by renewable cost reductions, regulation and the need to retire ageing thermal plants. Structural growth will continue in our view, despite the prospect of a gradual increase in interest rates.

Last updated on 29/06/2018

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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