Following the presentation to investors by Enrique Selva, CEO of Umbrella Solar Investment, of the 2022 results as well as the evolution of each of the areas of the business after its IPO last year, Bankinter reiterates its buy recommendation with a target price of €7.60/share and highlights the following points:
(i) Good performance of results, with sales growth of +35% and gross margin increasing to 8% (+1 pp).
(ii) the project portfolio evolves favorably, in Spain it has 8.3MW in operation, 52 MW under construction and 160 MW in advanced stage of development and 105MW under management, while in LatAm it has 1200MW under development, 37MW under construction for third parties and 126MW under management.
(iii) Commercialization of other products: it has sold more than 72MWh of accumulators and 5,000 artificial intelligence devices.
(iv) New businesses: we are making progress in e-mobility solutions and have initiated the deployment of 1,000 fast electric charging points for electric vehicles.
(v) Financial strength with a positive cash position (+4.6M€) excluding project debt and 9x EBITDA when including it.
You can see the Analysis and Markets Report of the entity through the following link: broker+binarios (bankinter.com)
