Redeye updates its estimates following Arise’s Q1 report. We consider the Q1 report solid, where realised electricity prices exceeded our estimates due to price hedges affecting positively. Also, the project portfolio grew significantly, both organically and through M&A (driven by the Pohjan Voima acquisition), which bodes well for the coming years’ profit generation. We incorporate the portfolio changes which positively affect our estimates and fair value range.
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