The renewable energy market is growing rapidly. Energix company
Energics
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Although it does not meet its own forecasts and also lowers forecasts for 2023, it still shows in 2022 a growth of 95% compared to 2021, predicts a growth of 40% in 2023 (even after the profit warning following the regulation in Poland), and a growth of 48% in 2024.
Energix expects revenues of NIS 725 million (mid-term) in 2023, a reduction of forecasts compared to its previous forecast of NIS 760 million that it published in November, and this after already lowering the forecast in August from NIS 810 million. So the company’s growth is slowing down and still – the market is growing rapidly. For comparison, in 2022 the company recorded revenues of 520 million shekels, a jump compared to 267 million in 2021. In 2024, Energix expects revenues of 1.075 billion shekels, an increase of 48% compared to its forecast for 2023.
In Energix’s forecasts, FFO is expected to be 480 million NIS (mid-term) at the end of 2023 and 680 million in 2024. Here, too, this is a lowering of the forecast for 2023, when in the previous quarter the company expected an FFO of 510 million NIS (a reduction even then compared to 560 in the quarter before it).
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Energix also estimates that at the end of 2023 the backlog of projects in commercial operation or completion of construction will amount to 1,400 megawatts, a 65% increase compared to the year that just ended. The company also predicts that in 2026 – the scope of connected projects will be 4.3GW and will generate revenues of over NIS 2 billion.
And back to the reports, the EBITDA in the fourth quarter reached NIS 163 million compared to NIS 51 million in the corresponding quarter. The EBITDA in 2022 was NIS 406 million compared to NIS 187 million last year. Net profit in the fourth quarter reached NIS 106 million compared to NIS 23 million last year. The annual net profit amounted to NIS 237 million, compared to NIS 79 million last year.
During the year, the company distributed a dividend totaling approximately NIS 106 million (20 cents per share). The company wants to distribute a dividend of NIS 153 million (28 AJ per share) in 4 equal quarterly payments of NIS 38 million in the coming year. A dividend for the first quarter in the amount of approximately 38 million shekels (7 shekels per share) will be paid in March 2023. Another dividend in the total amount of approximately 99 million shekels (18 shekels per share) will be paid in March 2023, so that the total amount of the dividend in the first quarter will be for a total of about NIS 137 million.
Energix CEO Essie Levinger: “We are happy to report a significant positive update in the goals of our long-term work plan, which we postponed a year to 2026. In this year, we estimate that we will reach the scope of 4.3GW connected projects that will generate revenues in an amount significantly higher than the previous estimates, and is expected to exceed 2 A billion shekels. The total construction cost of this backlog of projects is estimated at approximately NIS 19 billion, of which a total of approximately NIS 2.9 billion is equity capital, which has already been fully invested by the company. The rest of the amount that will be required for the construction of the projects is expected to be received from financing transactions as is customary in the field.
“In Poland, all 3 of the company’s last wind farms with a combined capacity of MW182 have been connected to the electricity grid and are generating income. We continue to work vigorously to increase the backlog of projects in the photovoltaic field and against the backdrop of an amendment to the Distance Law in the wind field as well.”
“During the year, we announced the update of the electricity sales agreements with Expo, the Polish broker to whom we sell the electricity. In this framework, we canceled part of the high price fixing transactions in Poland (Unwinding) in which the company entered into for this period in exchange for a total of approximately NIS 170 million, thereby securing the company’s revenues These hedges for 2023.
“In the USA, we are expanding our operations in other countries adjacent to Virginia and in the process we purchased a photovoltaic project with a capacity of approximately 65 MWp from the largest renewable energy company in the world. With the implementation of the new law for the promotion of renewable energy (IRA), we estimate that projects built between the years 2023-2026 will be entitled to a tax benefit (ITC) of 40-50%, which is expected to reduce the equity capital required to establish the projects and correspondingly significantly increase the yield for them. In addition, we are in the midst of advanced negotiations to receive financing in the amount of up to 630 million dollars under attractive terms in several transactions from leading financial institutions in the US. Our broad financial flexibility will continue to support the company’s accelerated growth rate and we will continue to operate vigorously in accordance with the strategic plan we have adopted.”
Energix shares are trading tomorrow at 9.98 shekels per share and according to a market value of 5.51 billion shekels. Last year the company’s stock fell by 15%. Since the beginning of the year the stock is down 8%.
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