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Summary of Highlights
On the 7th of June 2018, Enlight received notice from the Israeli Electricity Authority that the electricity purchase price per Kw from energy generated by the facility to be established at Emek HaBacha will be ILA 35.81 (Conditional approval).
- Revenues from the facility's electricity output are expected to total between NIS 100M and NIS 110M per annum for the duration of the twenty-year license.
- This is a major step toward fully operational project.
Revenues grew by NIS 9M in Q1-2018 compared to the corresponding period in 2017. Growth in allocation of electricity receipts over the past 12 months, which totaled NIS 144 million and EBITDA of NIS 135M, compared to NIS 127M in the year 2017.
- Full commercial operation in Ireland since December 2017 and in Croatia since May 2018.
- Emek HaBacha project - Receipt of conditional tariff approval from the Electricity Authority
In light of the above, we increase the company's value to NIS 1.29 billion, corresponding to a target price ranging between NIS 2.29 and NIS 2.54; a mean of NIS 2.41 per share.
- EBITDA multiples in the industry are 15.0 versus 9.2 in our estimate, reflecting
- For details on our valuation methodology, see our initiation report of January 28, 2018.
Read the full report here.
About the Company - Enlight Renewable Energy Ltd. is an Israeli company founded in 2008, and is publically traded on the Tel Aviv Stock Exchange. The company specializes in the initiation, development, financing, construction, management, and operation of projects involving the generation of electricity from renewable energy sources. It is currently active in the fields of Solar Photovoltaic (PV) and Wind Energies.
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SOURCE Frost & Sullivan