Eolus Vind: Look past the small Q3 - ABG
Q3 weak but it's a small quarter for '24e
Estimates for Pome divestment pushed to '25e from '24e
Sales processes for Ölme (73MW) and Pienava (158 MW) initiated
Q3, small quarter for '24e
Eolus had Q3 sales of SEK 24m, -8% y-o-y and EBIT of SEK -94m (vs. SEK 159m in Q3'23). EBIT was hurt by write-downs of SEK 40m related to the Skidbladner (1,000 MW) and Arkona (1,200 MW) off-shore projects. The lower sales and EBIT were partly due to Eolus only recognising revenues from one project, Stor-Skälsjön (9% revenue recognition), and no projects being sold during the quarter. However, it is important to note that Q3 is a small quarter for '24e, and we expect a major project milestone to be booked in Q4. Read press release here.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eolus-vind/Equity-research/2024/11/eolus-vind---look-past-the-small-q3/