Q2 was a weak quarter, but we expect to see a clear rebound in Q3. We estimate H2/24 EBITDA of EUR 10m versus EUR -5m in H1. However, we see a risk that covenants could be breached in Q3, which could trigger some negotiation-related one-off costs. We believe the company has to hurry the divestment of its renewable pipeline, which will weigh on realised sales prices. We cut our fair value range to EUR 4.5-6.5 (5.5-8.0).
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