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 again raised guidance for 2022. The company now expects revenues of €55m - €59m (previously: €50m - €54m) and adjusted EBITDA of €41m - €45m (previously: €37m - €41m). Due to clearvise's conservative guidance policy, we had already anticipated the increase in our previous forecasts (previous revenue estimate for 2022: €59m). As market values for wind and solar power in Germany remain high, we have again raised our forecasts. The maximum price for electricity of €180 / MWh set by the EU will take effect from December. This value is also significantly higher than the average feed-in tariff of clearvise's German green power plants. In addition to the raised forecasts, an updated DCF model also takes into account the higher yield of riskless assets and still yields a €3.70 price target. We confirm our Buy recommendation.
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