BUZZ-Grenergy has 'unique' opportunity in Energy Storage business- BofA

Reuters
05/29
BUZZ-Grenergy has 'unique' opportunity in Energy Storage business- BofA

** BofA Global Research broker believes Wednesday's Grenergy GREG.MC Capital Markets Day in London was comprehensive and delivered on all fronts, 'showcasing a unique equity opportunity in Storage'

** The broker says Grenergy gave more in Chile beyond Atacama; de-risked standalone storage across Europe and the EBITDA 2027 guidance came at least +35% above consensus

** BofA says the co has an unique opportunity in the Energy Storage business, as the co's first-move into Battery Energy Storage System $(BESS)$ comes with an excellent track-record both on an absolute and relative basis

** BofA thus believes Grenergy's advantage might be more innate and structural than temporary, while renewables at large continue to face both macro and micro concerns

** The broker raises its TP by 16% to 72.50 euros, maintains 'buy' rating on its top-pick in renewables

** Grenergy shares rise 15.8% and including today's rise the stock has gained 100.92% YTD

** Out of 12 analysts that cover Grenergy, 11 rate the stock "strong buy" or "buy" and ​one analyst rates "hold" ​

(Reporting by Joao Manuel Mauricio)

((JoaoManuel.VicenteMauricio@thomsonreuters.com))

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