Meriaura Group: Sizable solar thermal delivery to Germany supports our growth forecasts
Translation: Original comment published in Finnish on 5/3/2024 at 8:45 am EEST.
Meriaura Group announced on Thursday the delivery of a new solar thermal project in Germany. The project is significant in size and supports our bullish growth forecasts for the solar thermal business, which makes up the majority of the Renewable Energy business area. Meriaura Group will report its Q1 interim results today, Friday, so we will update our forecasts over the weekend. However, we do not see the need for major forecast changes based on this order.
Customer is a German district heating network operator
Meriaura Group announced on Thursday, just before the close of the stock market, that it has signed a contract with Stadtwerke Lübeck Energie for the turn-key delivery of a solar thermal plant in Lübeck, Germany. The project is valued at almost 5 MEUR and the solar collectors cover an area of approximately 12,000 m². In addition, the delivery includes a thermal storage supplying heat to the district heating network. The execution of the project will start immediately, but the construction work in Germany can only start after the customer receives a building permit. The company expects the project to be completed in the beginning of 2025, which would indicate that the project will generate significant revenue even in 2024.
The order supports our growth forecasts for the solar thermal business
We have forecast Meriaura Group's Renewable Energy business to grow to 13.5 MEUR in 2024 and to 17.7 MEUR in 2025 (2023: 3.4 MEUR), of which solar thermal would account for approximately 9 and 13 MEUR, respectively (2023: 3.4 MEUR). The order now announced provides a good basis for the revenue outlook for solar thermal in 2024, and in principle new projects could still increase revenue compared to the current forecast. Of course, new projects are still needed to reach the 2025 projections, as orders are typically placed closer to the delivery date. The solar thermal order book has grown strongly recently, which we believe has been influenced by the company's strengthened financial position as part of the Meriaura Group, which has enabled the company to develop its business in a more long-term perspective and strengthened its credibility with customers. Business losses have been reduced, but a significant increase in delivery volumes is still required to achieve profitability.
Meriaura Group
Meriaura Group har två affärsområden: Maritime Logistics och Renewable Energy. Meriaura transporterar torrlast och utför projektleveranser i norra Europa. Bolaget erbjuder CO2-reducerande sjötransporttjänster baserade på användning av återvunnen, egenproducerad bioolja. Meriaura Energy designar och levererar lösningar för ren energiproduktion för fjärrvärme och industriell användning över hela världen, med Europa som huvudmarknad.
Read more on company pageKey Estimate Figures30/04
2023 | 24e | 25e | |
---|---|---|---|
Omsättning | 66,2 | 77,1 | 83,6 |
tillväxt-% | 666,45 % | 16,50 % | 8,37 % |
EBIT (adj.) | 1,0 | 2,9 | 4,1 |
EBIT-% | 1,58 % | 3,82 % | 4,91 % |
EPS (adj.) | −0,00 | 0,00 | 0,00 |
Utdelning | 0,00 | 0,00 | 0,00 |
Direktavkastning | |||
P/E (just.) | - | 28,41 | 15,97 |
EV/EBITDA | 8,98 | 7,02 | 6,51 |