Announcement • Oct 31
Greenvolt - Energias Renováveis, S.A.(ENXTLS:GVOLT) dropped from S&P Global BMI Index Greenvolt - Energias Renováveis, S.A.(ENXTLS:GVOLT) dropped from S&P Global BMI Index Announcement • Dec 29
KKR Fund Looking to Take over and Delist Greenvolt Gamma Lux Holdco Sarl, an affiliate of investment funds advised by KKR & Co Inc, is looking to take over and delist Portuguese renewable energy company Greenvolt - Energias Renovaveis SA. Last week, the KKR fund made public its decision to launch a voluntary public offer to acquire all Greenvolt shares at EUR 8.30 (USD 9.19) apiece, having signed agreements with seven of the target's existing shareholders to acquire their ownership and thus build a controlling stake of 60.86%. For the purpose of delisting Greenvolt from the bourse, the fund will need to secure at least 90% of the voting rights through its tender offer. Major Estimate Revision • Dec 05
Consensus EPS estimates fall by 23%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €331.2m to €352.0m. EPS estimate fell from €0.155 to €0.12 per share. Net income forecast to grow 545% next year vs 12% growth forecast for Renewable Energy industry in Portugal. Consensus price target of €8.56 unchanged from last update. Share price was steady at €6.96 over the past week. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €342.6m to €334.4m. EPS estimate also fell from €0.218 per share to €0.163 per share. Net income forecast to grow 240% next year vs 18% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €9.05 to €8.70. Share price was steady at €6.07 over the past week. Announcement • Oct 24
Greenvolt - Energias Renováveis, S.A. (ENXTLS:GVOLT) agreed to acquire 50.2% equity stake in Enerpower for €25 million. Greenvolt - Energias Renováveis, S.A. (ENXTLS:GVOLT) agreed to acquire 50.2% equity stake in Enerpower for €25 million on October 23, 2023. Under the terms of agreement, Greenvolt will pay €25 million (USD 26.4m) for 50.24% of Enerpower and 50.25% of a company dedicated exclusively to power purchaseagreements (PPAs).Post completion of the acquisition, the deal marks the Portuguese company's entry into the Irish distributed solar market, comes with an option for Greenvolt to increase its stake to 100% by 2028. New Risk • Oct 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (26% accrual ratio). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Sep 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €71.4m (up 26% from 2Q 2022). Net loss: €3.30m (down €3.39m from profit in 2Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Renewable Energy industry in Europe. New Risk • Jul 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.3% operating cash flow to total debt). High level of non-cash earnings (25% accrual ratio). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €371.8m to €334.8m. EPS estimate also fell from €0.261 per share to €0.209 per share. Net income forecast to grow 198% next year vs 15% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €9.91 to €9.51. Share price fell 2.9% to €6.19 over the past week. Reported Earnings • Jun 22
First quarter 2023 earnings released: EPS: €0.002 (vs €0.009 in 1Q 2022) First quarter 2023 results: EPS: €0.002 (down from €0.009 in 1Q 2022). Revenue: €67.7m (up 20% from 1Q 2022). Net income: €300.0k (down 74% from 1Q 2022). Profit margin: 0.4% (down from 2.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Renewable Energy industry in Europe. Announcement • May 11
Altri, SGPS, S.A. acquired a 13.47% stake in Greenvolt - Energias Renováveis, S.A. Altri, SGPS, S.A. acquired a 13.47% stake in Greenvolt - Energias Renováveis, S.A. on May 9, 2023.Altri, SGPS, S.A. completed the acquisition of a 13.47% stake in Greenvolt - Energias Renováveis, S.A. on May 9, 2023. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: €0.12 (vs €0.10 in FY 2021) Full year 2022 results: EPS: €0.12 (up from €0.10 in FY 2021). Revenue: €259.7m (up 84% from FY 2021). Net income: €16.6m (up 107% from FY 2021). Profit margin: 6.4% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 43% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Major Estimate Revision • Nov 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €249.1m to €261.3m. EPS estimate fell from €0.25 to €0.18 per share. Net income forecast to grow 165% next year vs 12% growth forecast for Renewable Energy industry in Portugal. Consensus price target broadly unchanged at €10.06. Share price fell 5.1% to €7.81 over the past week. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: €0.13 (vs €0.034 in 3Q 2021) Third quarter 2022 results: EPS: €0.13 (up from €0.034 in 3Q 2021). Revenue: €82.0m (up 98% from 3Q 2021). Net income: €15.6m (up 302% from 3Q 2021). Profit margin: 19% (up from 9.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Renewable Energy industry in Europe. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Sep 29
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €257.2m to €254.4m. EPS estimate also fell from €0.28 per share to €0.23 per share. Net income forecast to grow 474% next year vs 26% growth forecast for Renewable Energy industry in Portugal. Consensus price target up from €9.22 to €9.85. Share price fell 4.2% to €8.40 over the past week. Major Estimate Revision • Sep 13
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €239.4m to €257.2m. EPS estimate increased from €0.25 to €0.28 per share. Net income forecast to grow 501% next year vs 44% growth forecast for Renewable Energy industry in Portugal. Consensus price target of €9.22 unchanged from last update. Share price was steady at €9.14 over the past week. Reported Earnings • Sep 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €56.7m (up 172% from 2Q 2021). Net income: €91.8k (down 40% from 2Q 2021). Profit margin: 0.2% (down from 0.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Price Target Changed • Sep 02
Price target increased to €9.22 Up from €8.60, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of €9.13. Stock is up 69% over the past year. The company is forecast to post earnings per share of €0.25 for next year compared to €0.10 last year. Major Estimate Revision • Aug 03
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €223.0m to €239.4m. EPS estimate increased from €0.22 to €0.25 per share. Net income forecast to grow 393% next year vs 30% growth forecast for Renewable Energy industry in Portugal. Consensus price target up from €8.60 to €8.97. Share price was steady at €8.99 over the past week. Price Target Changed • Jul 21
Price target increased to €8.60 Up from €8.03, the current price target is an average from 6 analysts. New target price is 14% above last closing price of €7.56. Stock is up 60% over the past year. The company is forecast to post earnings per share of €0.22 for next year compared to €0.10 last year. Reported Earnings • May 26
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.009. Revenue: €56.6m (up 167% from 1Q 2021). Net income: €1.14m (up 27% from 1Q 2021). Profit margin: 2.0% (down from 4.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 27%, compared to a 1,814% growth forecast for the industry in Portugal. Announcement • Apr 23
Greenvolt - Energias Renováveis, S.A. (ENXTLS:GVOLT) acquired 50% interest in Univergy Autoconsumo for €12 million. Greenvolt - Energias Renováveis, S.A. (ENXTLS:GVOLT) acquired 50% interest in Univergy Autoconsumo for €12 million on April 22, 2022.
Greenvolt - Energias Renováveis, S.A. (ENXTLS:GVOLT) completed the acquisition of 50% interest in Univergy Autoconsumo on April 22, 2022. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.066. Revenue: €141.5m (up 57% from FY 2020). Net income: €8.02m (down 55% from FY 2020). Profit margin: 5.7% (down from 20% in FY 2020). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 28%, compared to a 2,784% growth forecast for the industry in Portugal. Announcement • Jul 15
Greenvolt - Energias Renováveis, S.A. has completed an IPO in the amount of €129.999999 million. Greenvolt - Energias Renováveis, S.A. has completed an IPO in the amount of €129.999999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,588,235
Price\Range: €4.25
Transaction Features: Regulation S 
