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 2.90 price target.

Abstract
clearvise presented Q1 figures that were significantly below the previous year’s figures and below our forecast. Sales declined by 10% y/y to €9.2m, and adjusted EBITDA fell by 22% to €7.2m, due mainly to weak wind conditions. This led to a drop in electricity generation by 9% y/y to 105 GWh. We are leaving our annual forecasts unchanged, as the weak Q1 can still be offset by a strong Q4. With the commissioning of the French solar park Chassiecq (36 MW), clearvise has expanded its operational green power portfolio to 352 MW. Following the recently announced purchase of a German Agri-PV project (17 MW), we expect construction to start in the summer and grid connection by early 2026. Despite the weak start to the year, clearvise has confirmed guidance. An updated DCF model yields an unchanged €2.90 price target. The company remains very attractively valued with a market capitalization of around 20% below its book value. We confirm our Buy recommendation. Upside: ca. 70%.