7c Consult


Target price : 6.70 €

New wind strategy delivers solid H1 2015 results

Solid set of H1 2015 results, FY2015E should be secured
Global EcoPower reported a solid set of H1’2015 results with sales up by 582% yoy to €17,1m, driven by the new wind business model.

Sales related to Vallée du Don and Seuil Mont Laurent represented 95% of the total sales. EBITDA increased from €0.2m to €0.9m, resulting in a 5% margin. This includes a non-recurrent cost of €1.77m, linked to the acquisition of the developing rights on the Seuil Mont Laurent project, which was reported as cost instead of investment.

Excluding this item, EBITDA margin would have been at 15.6% (slightly toping our 15% EBITDA margin assumption for the Wind new business model). Net profit before minorities amounted to €599k. After minorities (related to the 40% owned by other investors) net profit for the group came in at €345k.