Annonce • Apr 04
Neoen S.A.(ENXTPA:NEOEN) dropped from CAC AllShares Index Neoen S.A. removed Annonce • Mar 24
Neoen S.A.(ENXTPA:NEOEN) dropped from FTSE All-World Index (USD) Neoen S.A.(ENXTPA:NEOEN) dropped from FTSE All-World Index (USD) Recent Insider Transactions • Jan 03
Chief Operating Officer recently sold €1.6m worth of stock On the 30th of December, Romain Desrousseaux sold around 40k shares on-market at roughly €39.78 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €3.6m. Romain has been a net seller over the last 12 months, reducing personal holdings by €8.9m. Reported Earnings • Jul 29
First half 2024 earnings released: EPS: €0.21 (vs €0.69 in 1H 2023) First half 2024 results: EPS: €0.21 (down from €0.69 in 1H 2023). Revenue: €255.7m (down 7.7% from 1H 2023). Net income: €32.7m (down 65% from 1H 2023). Profit margin: 13% (down from 33% in 1H 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Jul 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (18% net profit margin). New Risk • Jun 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Large one-off items impacting financial results. Annonce • May 31
Brookfield Leads Group Reportedly Seeks Takeover of Neoen A group led by Canadian investor Brookfield Corporation (TSX:BN) is seeking a takeover of Neoen S.A. (ENXTPA:NEOEN), with the proposed transaction valuing the French renewables company at about EUR 6.1 billion (USD 6.62 billion) in total equity terms. Brookfield, along with its renewables arm Brookfield Renewable Partners L.P. (TSX:BEP.UN) and Singaporean state-owned conglomerate Temasek Holdings (Private) Limited, have started exclusive talks to acquire a stake of 53.32% in Neoen. Discussions are underway with shareholders including Impala, the Fonds Strategique de Participations (FSP), Cartusia and Xavier Barbaro, and other investors. The contemplated transaction values Neoen at EUR 39.85 per share, which represents a premium of 43.5% over the company’s six-month volume-weighted average price. Following the block acquisition, Brookfield Renewable Holdings would file a mandatory cash tender offer for the remaining shares. Neoen’s board of directors has unanimously welcomed Brookfield’s proposal. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €37.29, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 13x in the Renewable Energy industry in Europe. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • May 13
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 11 June 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.2%). Annonce • Mar 30
Neoen Reportedly Considers Selling 30% Stake in its Australian Unit to Raise More Than €1 Billion Neoen S.A. (ENXTPA:NEOEN) is considering selling a 30% stake in its Australian unit to raise more than €1 billion ($1.1 billion) to fund its growth in the country, according to people familiar with the matter. The sale would be part of Neoen’s plan to expand in Australia and elsewhere beyond 2025 without having to resort to a new share sale by the Paris-based parent company, said the people, who asked not to be named because the information is private. Neoen is working with a financial adviser on the potential sale, which might take place in the second half of the year, though no final decision has been made, one of the people said. A representative for Neoen declined to comment on the potential transaction. Declared Dividend • Mar 10
Dividend increased to €0.15 Dividend of €0.15 is 20% higher than last year. Ex-date: 20th May 2024 Payment date: 14th June 2024 Dividend yield will be 0.6%, which is lower than the industry average of 3.2%. Reported Earnings • Mar 04
Full year 2023 earnings released Full year 2023 results: Revenue: €524.4m (up 4.2% from FY 2022). Net income: €150.2m (up 232% from FY 2022). Profit margin: 29% (up from 9.0% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Renewable Energy industry in Europe. Annonce • Jan 26
Neoen S.A., Annual General Meeting, May 14, 2024 Neoen S.A., Annual General Meeting, May 14, 2024. Reported Earnings • Aug 02
First half 2023 earnings released: EPS: €0.65 (vs €0.20 loss in 1H 2022) First half 2023 results: EPS: €0.65 (up from €0.20 loss in 1H 2022). Revenue: €277.0m (up 24% from 1H 2022). Net income: €92.2m (up €113.2m from 1H 2022). Profit margin: 33% (up from net loss in 1H 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.0% decline forecast for the Renewable Energy industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 10
Upcoming dividend of €0.13 per share at 0.5% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €0.41 (vs €0.43 in FY 2021) Full year 2022 results: EPS: €0.41. Revenue: €503.2m (up 51% from FY 2021). Net income: €45.2m (up 10% from FY 2021). Profit margin: 9.0% (down from 12% in FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Renewable Energy industry in the United Kingdom. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Christophe Gegout was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Christophe Gégout was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 15
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.39 (up from €0.046 in FY 2020). Revenue: €333.6m (up 12% from FY 2020). Net income: €40.2m (up €36.3m from FY 2020). Profit margin: 12% (up from 1.3% in FY 2020). Revenue missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 30%, compared to a 2,883% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Aug 03
First half 2021 earnings released: EPS €0.04 (vs €0.23 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €164.9m (up 4.9% from 1H 2020). Net income: €4.50m (down 80% from 1H 2020). Profit margin: 2.7% (down from 14% in 1H 2020). Reported Earnings • Mar 16
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €298.8m (up 18% from FY 2019). Net income: €3.90m (down 80% from FY 2019). Profit margin: 1.3% (down from 7.6% in FY 2019). Is New 90 Day High Low • Mar 03
New 90-day low: €46.40 The company is down 5.0% from its price of €48.70 on 03 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.20 per share. Is New 90 Day High Low • Dec 31
New 90-day high: €60.90 The company is up 32% from its price of €46.20 on 02 October 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.90 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €51.00 The company is up 16% from its price of €44.05 on 17 September 2020. The British market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.92 per share. Is New 90 Day High Low • Nov 06
New 90-day high: €50.28 The company is up 31% from its price of €38.30 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.53 per share. Is New 90 Day High Low • Oct 08
New 90-day high: €49.85 The company is up 28% from its price of €38.90 on 10 July 2020. The British market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.49 per share. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of €24.9m, up 11% from the prior year. Total revenue was €292.3m over the last 12 months, up 15% from the prior year. 
