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 3.70 price target.

clearvise can look back on an extraordinarily successful 2022. According to preliminary figures, the company increased revenues by 95% y/y to €64m and adjusted EBITDA by 121% to €50m. clearvise thus exceeded guidance (revenues: €55-59m, adjusted EBITDA: €41-45m). Adjusted EBITDA was about 5% above our forecast. clearvise benefitted from the strong increase in power prices and higher electricity production. We leave our 2023 forecast unchanged until the publication of the annual report on 12 May 2023. An updated DCF model yields an unchanged price target of €3.70. We confirm our Buy recommendation.