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 2.90 to EUR 2.40.

Abstract
clearvise is planning a fundamental change in strategy due to changed market conditions. Instead of growing through the acquisition of additional green energy assets, the company intends to operate in future as a yieldco: based on its existing European wind and solar park portfolio, shareholders will receive stable and predictable dividend payments. We regard the continued undervaluation of the share, which trades significantly below book value, as the main reason for the change in strategy. The issue of new shares leads to dilution of existing shareholders and makes the raising of equity capital, which is necessary for further growth, unattractive. clearvise is considering outsourcing entire operating business segments to its main shareholder, Tion Renewables GmbH, in order to significantly reduce costs. The H1 figures were roughly in line with our expectations and reflect weak wind conditions. Nevertheless, clearvise managed to increase adjusted EBITDA by 5% y/y to €13.6m, thanks to portfolio diversification (more PV). Management has confirmed guidance for 2025. We have adjusted our forecasts and valuation model to reflect the planned change in strategy. The stock will be of interest to investors who expect a stable dividend and a relatively high dividend yield. We have lowered our price target to €2.40 (previously: €2.90) and confirm our Buy recommendation (upside: 46%).