First Berlin Equity Research has published a research update on clearvise AG (ISIN: DE000A1EWXA4). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 3.80 to EUR 3.70.
clearvise has reported preliminary H1 figures that were significantly above the previous year’s figures and exceeded our forecasts. Revenue increased 66% to €26.5m and adjusted EBITDA by 79% to €20.6m. The adjusted EBITDA margin increased from 72% to almost 78%. High electricity prices have prompted clearvise to raise its guidance again. The company now expects revenue between €50m and €54m (previously €47m to €51m), and adjusted EBITDA between €37m and €41m (previously €35m to €38m). Out of commercial prudence clearvise has based its guidance only on secured electricity prices from feed-in tariffs and concluded power purchase agreements. As we believe that electricity prices will remain at a very high level until the end of the year, we assume that further guidance increases will follow. We increase our revenue estimate for the current year to €58.8m and assume an EBITDA margin of just under 77%. Despite the increase in our 2022 forecasts, an updated DCF model yields a slightly lower price target of €3.70 (previously: €3.80) due to the higher interest rate level. We reiterate our Buy recommendation.