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 3.80 price target.

Abstract
clearvise has presented its 2021 annual report and largely confirmed the preliminary figures. Due to weak wind conditions, revenue fell by 10% y/y to EUR 32.9m, while EBITDA decreased by 21% to EUR 21.8m. Nevertheless, the company successfully implemented its growth strategy „clearSCALE 2025“ and expanded portfolio capacity by 32% y/y from 151 MW to 199 MW in 2021. It even managed to expand capacity to 303 MW as of April 2022. This means that the full year capacity goal for 2022 of at least 305 MW has already been largely achieved. By 2025, clearvise aims to expand its green power portfolio to 1,000 MW, of which 750 MW will be operational and 250 MW secured in the project pipeline. For 2022, the company forecasts revenue growth of between 22% and 37% and adjusted EBITDA of EUR 28m – EUR 32m (+24% – 42% y/y) and has backed up its growth ambitions with a strong revenue increase in Q1/22 to EUR 11.6m (+30% y/y). Both our previous and revised forecasts are within guidance. We have updated our model and confirm our Buy recommendation due to the excellent growth prospects. The price target remains unchanged at EUR 3.80. Upside: ca. 70%.