First Berlin Equity Research has published a research update on clearvise AG (ISIN: DE000A1EWXA4). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 3.20 price target.

Abstract
According to preliminary 2023 figures, clearvise generated revenue of €44.8m and adjusted EBITDA of €30.4m. The company thus exceeded our forecast by 3% (sales) and 11% (AEBITDA) respectively. As clearvise already published its electricity production (+8% y/y to 534 GWh), the deviation from our sales estimate is due to higher electricity prices. The company optimised its portfolio in 2023 (exit from the Finnish market, entry into the Italian market) and now has operational wind and PV assets of 273 MW following the sale of the biogas plant in February. Most recently, clearvise announced the purchase of project rights for a 16 MW solar park in Italy. An updated DCF model yields an unchanged €3.20 price target. We confirm our Buy recommendation.