First Berlin – clearvise AG Research Update (07/06/2021)

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 3.40 price target.

Abstract
clearvise has published preliminary 2020 figures. Thanks to above-average wind conditions, revenue and adjusted EBITDA increased by 10% y/y. The new management can thus look back on a successful 2020. In 2021, it has started to put into action the new growth strategy decided last year. In March, clearvise acquired a German >80 MWp solar portfolio. Through two capital increases, the company raised a total of €20.7m by issuing 8.4 million shares. In May, clearvise acquired a 12 MW wind farm in France. We leave our estimates unchanged pending publication of the annual report on 9 June. We confirm our Buy recommendation at an unchanged price target of €3.40.