First Berlin – clearvise AG Research Update (14/09/2021)

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.

clearvise has reported H1 figures that, as expected, were significantly below the previous year's numbers due to much weaker wind conditions. Nevertheless, operating cash flow of €15.8m was only slightly below the H1/20 figure. The first half of the year was characterised by an extensive portfolio expansion from 151 MW to 199 MW (+32%). In addition to a French wind project (12 MW), a German solar portfolio with 36 MWp was acquired and already contributed 3 GWh to electricity production. Two capital increases topped up the coffers with €20.7m to finance growth. With a cash position of €32m at the end of the first half of the year, clearvise is financially well equipped to continue its expansion. The company has confirmed its guidance range for 2021 (revenue: €34.4m - €38.4m, EBITDA €23.3m - €27.4m). As the weak H1 figures were already largely factored into our forecasts, we maintain our 2021 estimate. An updated DCF model still yields a €3.40 price target. We confirm our Buy recommendation.