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 has published its H1 report and held a conference call. The half-year figures were in line with our expectations and significantly below the previous year’s numbers due to the strong decline in electricity prices. Revenues were down 12% y/y to €23.4m and adjusted EBITDA (AEBITDA) fell 18% to €16.8m. After a net profit of €4.0m in the same period last year, the company ended the first half of 2023 with a small net loss of €79k. In H1, clearvise increased its electricity production by 12% y/y to 277 GWh. The company has confirmed guidance (revenue: €42m – €45m, AEBITDA: €26m – €29m), which should be readily achievable given the H1 figures. An updated DCF model yields an unchanged price target of €3.70. We reiterate our Buy recommendation.