The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
Jacob Securities Initiates Coverage of ETX
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JOHN MCILVEEN, Jacob Securities, Inc.
(12/10/2010)
"Etrion Corporation is a pure-play solar generator in Italy. Lundin Petroleum recently distributed its 71 million shares of Etrion (~40%) to Lundin Petroleum shareholders via the NASDAQ OMX Stockholm. . .Etrion has a done-it-before management team. The team has in-depth experience in renewable power and project management and has developed many solar projects. . .[the company also] has 42.2 MW online, 15.2 MW under construction and a pipeline of ~200 MW. The acquisitions have positioned Etrion for organic growth. The online assets generate a projected EBITDA of €28.3m and the under-construction assets will add €8.5m. Our forecast only includes the 57.4 MW of permitted and financed projects. Rather than include the individual projects not permitted or financed, we use a premium multiple of 15x LTM EV/EBITDA to reflect the growth inherent in the company's pipeline. Utilities' LTM EV/EBITDA is ~10x, reflecting a low-yield, low-growth profile. High-yield renewable IPP's LTM EV/EBITDA is ~12x, reflecting a high-yield, higher-growth profile. We use 15x for growth IPP's until such time as pipeline prospects are thin and we revert to a 12x high-yield multiple. Etrion should demonstrate a $40M EBITDA run rate in Q411. We are initiating coverage of Etrion with a Buy rating and a one-year price target of CAD$1.44." |
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More Experts
"FCU's deal with CGN helps to financially and technically derisk PLS." (12/21/15) Fission Uranium Corp. - David Talbot, More >
"NXE is our top pick across all commodities." (12/22/15) NexGen Energy Ltd. - The Energy Report Interview with Rob Chang More >
"FCU will continue to explore and add pounds to what is already a world-class project." (12/22/15) Fission Uranium Corp. - The Energy Report Interview with Rob Chang More >
"EFR is well positioned to benefit from higher uranium prices." (12/22/15) Energy Fuels Inc. - The Energy Report Interview with Rob Chang More >
"FCU intends to sell $82M or 19.9% of the company to CGN Mining." (12/22/15) Fission Uranium Corp. - Jeb Handwerger, Gold Stock Trades More >