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 3.70 to EUR 3.30.
clearvise entered the Italian market in December 2023 by signing a development cooperation agreement with a local project developer. This comprises a portfolio of five Italian ground-mounted photovoltaic projects with a planned capacity of approx. 125 MWp. Construction and commissioning are planned for 2025/26. We welcome the entry into the Italian PV market, which offers comparatively high returns and restores clearvise’s broad European base following its exit from the Finnish market. At the end of 2023, clearvise’s green power portfolio had a capacity of 274 MW and spanned Germany, France and Ireland. Due to the reduction in portfolio capacity by 30 MW through the sale of the Finnish wind farms and challenging market conditions for the expansion of the portfolio, we lower our expansion, sales and EBITDA margin forecasts for 2024 & 2025. An updated DCF model yields a new price target of €3.30 (previously: €3.70). We confirm our Buy recommendation.