Invest Securities maintains its buy recommendation on the stock, with an unchanged price target of €11.20.
Management reaffirmed its 2025 EBITDA guidance on January 28, during the publication of annual revenue figures.
"This suggests that the 2025 results (to be released on March 12) should hold no major surprises," notes Invest Securities.
The analyst has updated estimates for 2026-27-28e. "While our 2026e group EBITDA has been revised down to €253 million (from €264 million), reflecting more cautious pricing effects, our estimates beyond that remain unchanged," Invest Securities specifies.
"March 13 will mark R. Klein's first year as CEO and the launch of the SPRING plan. Although the trajectory is positive, further adjustments will be needed to support self-financed growth," the research firm adds.
Voltalia SA specializes in producing electricity from renewable energy. Net sales (including intragroup) break down by activity as follows:
- provision of services (53.9%): development of energy projects, construction of power plants, operation and maintenance of energy assets (Helexia), etc. In addition, the group manufactures and distributes equipment for solar power plants;
- electricity generation (46.1%): from wind, solar, hydro and biomass (4,706 GWh produced in 2024).
Net sales are distributed geographically as follows: France (21.9%), Ireland (12.4%), Portugal (9%), Europe (16.7%), Brazil (36%) and other (4%).
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