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.
Last week Pelion Green Future announced the sale of a majority stake in Tion Renewables AG to the Norwegian company EQT Active Core Infrastructure and plans to delist Tion. Tion holds an 18.4% stake in clearvise. EQT announced that the Memorandum of Understanding (MoU) with clearvise would not be implemented as originally intended. clearvise thus terminated the MoU, which included the acquisition of Tion’s green power portfolio (158 MW). This means that the expected surge in growth has not materialised. However, clearvise’s growth strategy is still intact. With a green power portfolio of more than 300 MW and an active wind and PV project pipeline of currently almost 450 MW, we still consider clearvise’s expansion target of 1,000 MW by 2025 (750 MW operational generation capacity and 250 MW secured pipeline) to be well within reach. As we have not yet integrated the Tion portfolio into our growth model, our forecasts and valuation of clearvise remain unchanged. An updated DCF model yields an unchanged €3.70 price target. EQT’s plan to delist Tion could also trigger speculation about a takeover of clearvise, as the Tion takeover makes EQT clearvise’s largest shareholder with ca. 18%. We confirm our Buy recommendation.
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