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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.

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