Bildkälla: Stockfoto

Eolus Vind: So long Öyfjellet - ABG

Solid project portfolio of ~24.5 GW
We lower '23e EBIT by 14%, '24-'25e roughly unchanged
The share is trading at 10x P/E on '23e


Q1 results

Eolus had Q1 sales of SEK 277m, which was above our forecast of SEK 259m. Sales were mainly driven by finally handing over Öyfjellet, in addition to smaller revenue recognition from Stor-Skälsjön and Cald. EBIT came in at SEK -12m, clearly below our forecast of SEK 29m, where the main deviation was higher opex than we had expected.All in all, net profit came in at SEK -15m (ABGSCe SEK 24m).
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