I tillegg nevnes at PAS har kommet ut med en opdatering og nytt kursmål på RECSI i dag. De hever kursmålet til 30 (24) og gjentar kjøp, og skriver følgende:

"Outlook improved with Hanwha entry

We raise our TP for RECSI to NOK 30 (24) following the strategic investment
by Hanwha. The investment highlights the desire to build a non-Chinese low
carbon PV value chain and de-risks a Moses Lake re-opening. Accordingly,
we lower our discount rate and eye further upside once the plant is open.
Buy reiterated

Q4 reporting to highlight new partner and political landscape
We expect RECSI to report an EBITDA of USD -2m, with higher electricity prices
pressuring margins from Butte. However, we argue that the most noteworthy with
the event, 18 Feb, will revolve around the new strategic partner and political
developments surrounding the solar value chain in the US.

Hanwha Solutions’ strategic investment de-risks ML reopening
In November, Hanwha Solutions subscribed for 48.2m new shares in RECSI and
acquired 21.9m shares from AKH – both now holding 16.7% of the shares. Hanwha
and REC Silicon have history with the new industrial owner having been a
customer in the past, further, its Q CELLS solar panels are well established in the
US market. In our view, the investment from Hanwha represents a step towards
seriously building a non-Chinese PV value chain. Hanwha operates 10 GW of cell
manufacturing capacity globally and holds 1.7 GW module capacity in the US.
Assuming a 3-3.5g/w efficiency, its cell capacity represents a demand for
polysilicon ~1.7-2x RECSI’s production capacity at Moses Lake. We strongly
believe in a Moses Lake reopening (but push the opening to Q2’23 vs Q1’23
previously) and keep our positive view on the long-term potential. The political
environment is still blurry, but seems to be pushing for more US manufactured
solar. A combination of providing silane gas to the battery industry and polysilicon
to the PV industry is still our main thesis, and we believe such a mix is beneficial
for both long-term utilization and for optimizing profit generation.

TP up to NOK 30 (24) – Buy reiterated
We find the strategic investment by Hanwha as a de-risker for the re-opening of
Moses Lake, while the new cash (NOK 964m) also gives room for additional
“upgrades” (particularly in Butte) beyond capital required for a re-opening of ML.
Further, having two strong industrial partners is something we view as a positive.
We reduce our WACC to ~8% (from 10%) and lift our TP to NOK 30 (24). Buy.

Analyst;
Gard Aarvik
Kari Eide Hartvedt"