Sparebank Today: MPCES IS TOO CHEAP TO IGNORE

This morning MPCES released its 2Q24 report, posting revenues of USD3m in line with our estimate. Overhead costs and COGS came in a tad better than we expected, resulting in a consolidated EBITDA of USD1m, USD0.3m ahead of our forecast, yet again showcasing that the company’s focus on cost reduction measures remains strong. We find this positive. The company has guided savings of USD1.5-2m in 2024 vs. overhead costs last year, which it is on track to meet. The company reiterates its FY24 guidance of USD12m in proportionate revenue and USD8.5m in “project EBITDA” (EBITDA before overhead expenses). This implies a continued improvement in 2H24 vs. 1H24 that delivered proportionate revenues of USD6.1m and a “project EBITDA” of USD3.9m. The company posted a net profit of USD-6m, driven by large non-cash FX movements related to shareholder loans and bank loans in the Planeta Rica and Los Santos projects.
Free cash was reported to be USD4.2m down from USD12m in 1Q24. Note that MPCES has received USD2.4m in cash from its exit from the Añasco project in Puerto Rico following the quarter (July 17th). During 1H24, MPCES has invested USD8.1m in equity into the San Patricio Guetamala project, of which the company expects to recoup most of when taking on a partner (expected 49% ownership farm down). The 65MW plant in Guatemala timeline is unchanged and is expected to commence operations in mid-2025. This project is expected to generate revenues of more than USD8m per year at EBITDA margins above 80 percent once operational. Given that MPCES has no more large equity investments committed this year, we do not view an equity raise necessary. Cash flow from operations will improve once MPCES’ starts receiving dividends from all project SPV’s (likely 2025).
Despite the +20% share price movement in 2024, we continue to argue that MPCES still is too cheap to ignore. The current P/B stands at 0.39x and most of the company’s raised equity is deployed into power producing assets. Even if assets are farmed down well below book value, we still believe MPCES will able to recoup cash way above its current market cap. Divestments have been done at 0.8-1x invested capital  Way above were MPCES is trading. Our current TP of NOK17/share implies a P/B of 0.50x.

Av min 5-års horisont, har jeg 3 igjen. Ser ikke bort fra at denne står i 50 om 3 år.

Dette blir bra🙂🙂

Hva mener DN med at de har tapt 5,5mill USD av en omsetning på 5,5mill USD, hørtes ikke særlig bra ut det?

MPC Energy Solutions tapte 5,5 millioner dollar før skatt av en omsetning på 5,5 millioner dollar i andre kvartal.

I samme periode året før var omsetningen 4,1 millioner dollar.

Resultat før nedskrivninger og avskrivninger (ebitda) var på 1,7 millioner dollar i kvartalet, opp fra minus 0,9 millioner dollar i andre kvartal i fjor.

Vi har publisert våre økonomiske resultater for Q2 og H1 2024 i dag:
 
Høydepunkter:
⚡️ Energiproduksjon: 59,1 GWh (opp fra 40,4 GWh i H1 2023)
💰 Inntekter: USD 6,1 millioner (opp fra USD 4,0 millioner)
📈 Prosjekt EBITDA: USD 3,9 millioner (opp fra USD 1,9 millioner)
📊 EBITDA for konsernet: 1,7 millioner USD (opp fra -0,9 millioner USD)
 
Stefan H.A. Meichsner, finansdirektør i MPCES, bemerket vår sterke ytelse og kostnadskontrollinnsats. Med vår fullt operative portefølje er vi på vei mot et solid 2024, og forventer inntekter på 12 millioner USD og forventet EBITDA på 8,5 millioner USD.
 
Vårt 65 MWp solcelleanlegg i Guatemala er i rute, og skal generere 8 millioner USD per år når det er i drift i midten av 2025. 🌞

Så var den i 14, men langt til toppen🙂Fantastisk aksje dette....

Selskapet tjener penger og kan bli en utbyttemaskin. Er jo priset latterlig lavt

Kommer til å gå som ei kule denne her.

Opp 5% idag, her er det noe på gang ??

Opp 10% idag, dette er bare begynnelsen...