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 3.20 to EUR 3.10.

Abstract
clearvise has published its 2023 annual report and held a conference call. The final figures match the preliminary numbers. Although the company managed to increase green power production by 8% y/y, significantly lower electricity sales prices led to a 31% decline in revenue to €44.8m. This resulted in a halving of EBIT to €15.4m and a 68% retreat in the net result to €6.8m. clearvise has thus achieved a very solid result, reflecting a return to more normal electricity market conditions after the exceptional year 2022. For 2024, clearvise expects revenue in a range of €35.5m to €37.0m and adjusted EBITDA of between €21.8m and €23.1m. Guidance is based on secured prices (feed-in tariffs and PPAs) and the existing portfolio at the beginning of the year. We have adjusted our forecasts for the slower portfolio capacity expansion path and revised our estimates of costs and average sales prices. An updated DCF model results in a new price target of €3.10 (previously: €3.20). We reiterate our Buy recommendation and see the muted sentiment for renewable energy stocks as an opportunity to pick up shares cheaply.