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 3.30 to EUR 3.20.

clearvise has sold its 0.8 MW biogas plant and has thus withdrawn from the biogas business. We welcome this portfolio streamlining as the complex biogas plant operation, including substrate procurement, has tied up resources that will now be freed up for the core business, the operation of wind and PV plants. In addition, clearvise is converting its largest solar park Klettwitz-Nord (90 MW) to dynamic feed-in, which will enable an additional feed-in of approx. 1,400 MWh p.a. In 2023, the company increased electricity production by 8% y/y to 534 GWh. This puts clearvise right in the middle of guidance of 513 GWh – 555 GWh and above our forecast of 515 GWh. We take into account the portfolio optimisations and the electricity production result in our estimates. An updated DCF model results in a new price target of €3.20 (previously: €3.30). We reiterate our Buy recommendation.