Encavis ag: renewables on the rise - unravelling the potential of long-term value creation

Detalhes bibliográficos
Autor(a) principal: Weber, Marco Dietmar
Data de Publicação: 2022
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/143261
Resumo: Amidst the ongoing global climate crisis and the wake of the Russia-Ukraine war, renewable energy received a major boost in importance as independent and sustainable power supply. This report provides an in-depth analysis and valuation of Encavis, a major European independent power producer (IPP). This report constitutes the second part of a joint project and seamlessly ties in on the macroeconomic analysis and the historic financial analysis of Encavis. To enable a detailed valuation, key value drivers are identified and projected into the future, such as the expansion and performance of power plants and an own projection of future market prices based on expected LCOE values. The value of these projected developments is captured in a sum-of-the-part analysis for the existing plant portfolio, the pipeline projects, the option to repower retired plants, and the asset management segment. Based on the recent stock rally of Encavis in the last weeks we find that the market more than sufficiently prices in the expected growth ambitions and is slightly overvaluing, leading us to issue a SELL recommendation.
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spelling Encavis ag: renewables on the rise - unravelling the potential of long-term value creationValuationSustainabilityFinanceRenewablesRenewable energyEnergy transitionWindRepoweringSolarIppDomínio/Área Científica::Ciências Sociais::Economia e GestãoAmidst the ongoing global climate crisis and the wake of the Russia-Ukraine war, renewable energy received a major boost in importance as independent and sustainable power supply. This report provides an in-depth analysis and valuation of Encavis, a major European independent power producer (IPP). This report constitutes the second part of a joint project and seamlessly ties in on the macroeconomic analysis and the historic financial analysis of Encavis. To enable a detailed valuation, key value drivers are identified and projected into the future, such as the expansion and performance of power plants and an own projection of future market prices based on expected LCOE values. The value of these projected developments is captured in a sum-of-the-part analysis for the existing plant portfolio, the pipeline projects, the option to repower retired plants, and the asset management segment. Based on the recent stock rally of Encavis in the last weeks we find that the market more than sufficiently prices in the expected growth ambitions and is slightly overvaluing, leading us to issue a SELL recommendation.André, RosárioRUNWeber, Marco Dietmar2022-08-24T15:48:39Z2022-06-022022-05-202022-06-02T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/143261TID:203050380enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:21:33Zoai:run.unl.pt:10362/143261Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:50:47.933397Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
title Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
spellingShingle Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
Weber, Marco Dietmar
Valuation
Sustainability
Finance
Renewables
Renewable energy
Energy transition
Wind
Repowering
Solar
Ipp
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
title_full Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
title_fullStr Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
title_full_unstemmed Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
title_sort Encavis ag: renewables on the rise - unravelling the potential of long-term value creation
author Weber, Marco Dietmar
author_facet Weber, Marco Dietmar
author_role author
dc.contributor.none.fl_str_mv André, Rosário
RUN
dc.contributor.author.fl_str_mv Weber, Marco Dietmar
dc.subject.por.fl_str_mv Valuation
Sustainability
Finance
Renewables
Renewable energy
Energy transition
Wind
Repowering
Solar
Ipp
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Valuation
Sustainability
Finance
Renewables
Renewable energy
Energy transition
Wind
Repowering
Solar
Ipp
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description Amidst the ongoing global climate crisis and the wake of the Russia-Ukraine war, renewable energy received a major boost in importance as independent and sustainable power supply. This report provides an in-depth analysis and valuation of Encavis, a major European independent power producer (IPP). This report constitutes the second part of a joint project and seamlessly ties in on the macroeconomic analysis and the historic financial analysis of Encavis. To enable a detailed valuation, key value drivers are identified and projected into the future, such as the expansion and performance of power plants and an own projection of future market prices based on expected LCOE values. The value of these projected developments is captured in a sum-of-the-part analysis for the existing plant portfolio, the pipeline projects, the option to repower retired plants, and the asset management segment. Based on the recent stock rally of Encavis in the last weeks we find that the market more than sufficiently prices in the expected growth ambitions and is slightly overvaluing, leading us to issue a SELL recommendation.
publishDate 2022
dc.date.none.fl_str_mv 2022-08-24T15:48:39Z
2022-06-02
2022-05-20
2022-06-02T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/143261
TID:203050380
url http://hdl.handle.net/10362/143261
identifier_str_mv TID:203050380
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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