Arise Q4'22: Initial thoughts - ABG
EBITDA SEK 52m vs. ABGSCe SEK 66m
Average realized price of SEK 850/MWh vs. ABGSCe SEK 930/MWh
Conference call at 11.00 CET
Q4 results
Arise delivered sales of SEK 106m, which was -10% compared to our forecast of SEK 118m. Group EBITDA was SEK 52m, -21% vs. ABGSCe at SEK 66m. Development and Solutions delivered an EBITDA of SEK 25m compared to ABGSCe at SEK 9m, mainly driven by revenue recognition from the Kölvallen project. Own production delivered 79 GWh (ABGSCe 79 GWh) with an average realized price of SEK 850/MWh (ABGSCe SEK 930/MWh), which put the EBITDA to SEK 50m vs. ABGSCe SEK 62m. Group eliminations was the main deviation, coming in at SEK -23m vs. ABGSCe -5m. Net profit was SEK 36m, -16% compared to ABGSCe at SEK 43m. New hedges for 2024 were introduced, for volumes of 52.7 GW (18% of ABGSCe production, taking the total hedged '24e volumes to 30% of production) at EUR 113/MWh, which should add to our forecasts compared to our price assumption of EUR 90/MWh.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/arise/Equity-research/2023/2/arise---arise-q422-initial-thoughts/
