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 2.90 price target.

Abstract
clearvise delivered what it promised in 2024, despite weak wind conditions and a volatile price environment. The company’s adjusted EBITDA (AEBITDA) of €23.0m exceeded our forecast by 3%. It is worth mentioning that clearvise even achieved a positive net result of €0.7m (FBe: €-1.7m). The company has a strong balance sheet with an equity ratio of 42% and has sufficient financial leeway to continue growing. For 2025, clearvise is guiding towards revenue growth of 20% to 26% (€43.3m – €45.5m). The company expects AEBITDA of €27.1m to €29.2m, which corresponds to an increase of at least 18% y/y. In 2024, the green power portfolio expanded by 42 MW net to 316 MW. The French PV park Chassiecq (36 MW) was commissioned in April 2025, and the connection of the German wind farm Weilrod 2 (19 MW) to the grid is scheduled for September. What is more, clearvise is adopting a more active dividend policy and is proposing a dividend of €0.06 per share (dividend yield: 3.6%). We see the company back on a growth track after the sales declines of the last two years, which were caused by falling electricity prices and portfolio optimisation (sale of the Finnish wind farms and the biogas plant). An updated DCF model yields an unchanged €2.90 price target. At the current price, the share is trading some 20% below book value, which is €2.12 per share. We therefore consider the share to be strongly undervalued and confirm our Buy recommendation. Upside: ca. 70%.