Eenergy Group Share Price (EAAS)

Plenty seem to agree with you. Lots of buys this morning

Agreed, and I have topped up too.

As expected really. Just topped up in the dip, in this one for the long game.

EEnergy’s FY23 results are in line with expectations, having been well flagged in the March update. Recent months have seen the balance sheet transformed by the disposal of Energy Management and growth capacity materially enhanced by a £40m project funding facility with NatWest.

H1’24 results are likely to be softer than expected but last week’s c. £5.2m contract win with Spire Healthcare – one of the Group’s largest to date – gives us confidence in pipeline conversion and a meaningful step-up in revenue and profitability from H2.

eEnergy is now well capitalised, with an excellent track record of growth (three-year CAGR of 58% within Energy Services). We expect this to continue, driven by an ambitious management team with a focused strategy to capitalise on a highly attractive market with significant scale.

Our Fair Value estimate of 13p per share represents an EV/EBITDA rating of c.8.5x our FY26 forecast. This is in line with the current FY1 EV/EBITDA rating of the peer group. Note that our forecasts do not include the potential benefit of deferred consideration from the EM disposal, which management estimates at between £8m and £10m over the next two years.

Link to report: https://www.equitydevelopment.co.uk/research/balance-sheet-transformed-pipeline-building

Any day now we should see the 18mth FY results, which won'rt be brilliant as already indicated, but i'm more interested in the progress since closed date of Dec2023. We already know of the contract win, recently announced, but have we utilised any of the £40M or at least have some of it planned for this year? The SP needs a boost and a re-rating so good news please BOD.