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).
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eolus-vind/Equity-research/2023/5/eolus-vind---so-long-oyfjellet/