Eolus’ Q2 was largely as expected, with weak financials reflecting the absence of project transactions. While we lower our net cash estimates following an unanticipated working capital effect from Roccasecca, we expect cash generation to strengthen materially in H2, supported by Centennial Flats and potential project divestments. With Valpene approaching transaction stage, growing PPA opportunities driven by data center demand, and further capital allocation opportunities ahead, we see several catalysts for Eolus over the coming 12 months. Our traditional Base Case is increased to SEK96(92) while our new Fair Value is also SEK95 (see details below), making the Eolus shares “Cheap”.
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