Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Morning Review
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Insider Transactions
  • inderesTV
  • Portfolio
  • Forum
  • Premium
  • Femme
  • Learn
    • Investing School
    • Q&A
    • Analysis School
  • About Us
    • Our Coverage
    • Team
Third party research

Eolus Vind: Profitability impacted by project delay - ABG

Eolus

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
* Q2 EBIT SEK -74m (vs. ABGSCe 103m)* EBIT negatively impacted by delay in Pome project timeline* Sales driven by Pienava divestment and Pome revenue recognitionQ2 resultsEolus reported net sales of SEK 364m (vs. ABGSCe 282m, cons. 199m) and EBIT of SEK -74m (vs. ABGSCe 103m, cons. 40m). Sales were primarily driven by the divestment of the Pienava onshore wind project and continued revenue recognition from the Pome BESS project. EBIT miss was partly due to the project schedule for the Pome BESS being extended, which has led to a lower than expected project margin and negatively affected the operating profit in the quarter. However, Pome is expected to remain profitable and remaining expected payments amount to USD ~10m (previously ~25m). During the quarter, Eolus strengthened its financing structure by issuing SEK 550m in green bonds. It also secured a new SEK 175m credit facility and a project finance facility of up SEK 1,000m. The latter has been partly used to fund the ongoing Fågelås, Dållebo and Boarp onshore wind projects.Estimate changes and outlookOn numbers alone '25e-'27e EBIT comes down by SEK -177m. On outlook, management writes that the transaction market remains weak, which is impacting the timeline for sales and expected margins. However, the company remains positive on the medium and long-term demand but see challenges in the short-term due to geopolitical uncertainty and weaker industrial activity.ValuationThe share has returned +15% L3M (vs. OMXSPI +6%), and is currently trading 5x-9x P/E '25e-'27e on our pre-report estimates. The company will host a conference call of the Q2 results at 10:00 CEST.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.