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1. Company Snapshot

1.a. Company Description

Neoen S.A., an independent renewable energy production company, engages in the design, development, finance, construction project management, and operation of renewable energy power plants.The company operates solar, wind, and energy storage plants.It operates in Argentina, Ecuador, El Salvador, Jamaica, Mexico, the United States, Finland, France, Ireland, Mozambique, Portugal, Zambia, Sweden, Croatia, and Australia.


Neoen S.A. was founded in 2008 and is headquartered in Paris, France.Neoen S.A. is a subsidiary of Impala SAS.

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1.b. Last Insights on NEOEN

Neoen S.A.'s recent performance was driven by several positive developments. The company signed a 10-year solar power deal with Equinix, Inc. to supply Italian data centers, demonstrating its growing presence in the European renewable energy market. Additionally, Neoen secured 164MWp solar and agrisolar projects in France, further expanding its capacity in the country. The company also completed the sale of its Australian assets to HMC Capital Ltd., clearing the way for its takeover by Brookfield Asset Management Ltd. Furthermore, Neoen's 219MW Collie Battery Stage 1 began operations in Western Australia, solidifying its position in the region.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Neoen Sells Australian Assets Before Takeover by Brookfield

Dec -05

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Equinix, Inc. (EQIX) Signs 10-Year Solar Power Deal with Neoen to Supply Italian Data Centers

Nov -28

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Neoen secures 164MWp solar and agrisolar projects in France

Nov -15

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Neoen’s 219MW Collie Battery Stage 1 begins operations in Western Australia

Oct -29

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Brookfield Renewable Partners (BEP) Q2 2024 Earnings Call Transcript

Aug -02

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Brookfield Renewable Just Made a Game-Changing Move. Here's What You Need to Know.

Jul -11

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This High-Yield Dividend Stock's Smart Strategy Pays Big Dividends

Jul -02

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Brookfield to Takeover France’s Neoen in $6.5 Billion Deal

Jun -25

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.68%)

6. Segments

Wind

Expected Growth: 10.27%

Neoen S.A.'s 10.27% growth in wind energy is driven by increasing demand for renewable energy, declining costs of wind turbines, and favorable government policies. Additionally, Neoen's strategic expansion into high-growth markets, such as Latin America and Asia, has contributed to its rapid growth.

Solar

Expected Growth: 10.85%

Neoen S.A.'s 10.85% growth in Solar segment is driven by increasing global demand for renewable energy, declining solar panel costs, and supportive government policies. Additionally, Neoen's strategic partnerships, expanding project pipeline, and efficient operations contribute to its growth momentum.

Development & Investments

Expected Growth: 10.38%

Neoen S.A.'s 10.38% growth in Development & Investments is driven by increasing demand for renewable energy, strategic partnerships, and expansion into new markets. The company's expertise in solar and wind energy, combined with favorable government policies and declining technology costs, have enabled it to capitalize on the growing trend towards sustainable energy solutions.

Eliminations

Expected Growth: 9.9%

Neoen S.A.'s 9.9% growth is driven by increasing demand for renewable energy, successful project execution, and strategic partnerships. The company's diversified portfolio of wind, solar, and energy storage projects, coupled with its strong presence in Europe and Australia, has enabled it to capitalize on favorable regulatory environments and growing corporate demand for clean energy.

Storage

Expected Growth: 14.1%

Neoen S.A.'s 14.1% storage growth driven by increasing demand for renewable energy, government incentives for grid-scale energy storage, and declining battery costs. Additionally, the company's strategic partnerships and expanding presence in key markets, such as Australia and France, contribute to its rapid growth.

7. Detailed Products

Renewable Energy

Neoen S.A. develops, finances, and operates renewable energy projects, including solar, wind, and hydroelectric power plants.

Energy Storage

Neoen S.A. offers energy storage solutions, including battery storage systems, to optimize energy distribution and consumption.

Grid Services

Neoen S.A. provides grid services, including frequency regulation, spinning reserve, and reactive power compensation, to ensure grid stability and reliability.

Electric Vehicle Charging Infrastructure

Neoen S.A. develops and operates electric vehicle charging infrastructure, including fast-charging stations and destination charging points.

Energy Efficiency Solutions

Neoen S.A. offers energy efficiency solutions, including energy audits, energy management systems, and energy-saving technologies.

8. Neoen S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Neoen S.A. is medium due to the presence of alternative energy sources such as fossil fuels and nuclear power. However, the increasing demand for renewable energy and government incentives for clean energy may reduce the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers for Neoen S.A. is low due to the lack of alternative renewable energy providers and the company's strong market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Neoen S.A. is medium due to the presence of multiple suppliers for wind turbines and solar panels. However, the company's large scale of operations and long-term contracts may reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants for Neoen S.A. is high due to the increasing demand for renewable energy and the decreasing cost of wind and solar energy. New entrants may pose a significant threat to the company's market share.

Intensity Of Rivalry

The intensity of rivalry for Neoen S.A. is high due to the presence of established competitors such as Vestas and Siemens Gamesa. The company operates in a highly competitive market, and the intensity of rivalry may lead to lower prices and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 58.83%
Debt Cost 5.91%
Equity Weight 41.17%
Equity Cost 7.81%
WACC 6.69%
Leverage 142.89%

11. Quality Control: Neoen S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Fortum

A-Score: 5.3/10

Value: 3.8

Growth: 2.8

Quality: 6.1

Yield: 5.0

Momentum: 7.0

Volatility: 7.0

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Acciona Energías Renovables

A-Score: 5.2/10

Value: 7.3

Growth: 4.8

Quality: 5.3

Yield: 1.2

Momentum: 7.0

Volatility: 5.7

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ReNew Energy Global

A-Score: 4.7/10

Value: 3.2

Growth: 8.7

Quality: 4.1

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

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Encavis

A-Score: 4.6/10

Value: 4.2

Growth: 6.1

Quality: 6.2

Yield: 0.6

Momentum: 5.0

Volatility: 5.3

1-Year Total Return ->

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Neoen

A-Score: 3.3/10

Value: 2.6

Growth: 3.8

Quality: 3.3

Yield: 0.0

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

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EDP Renováveis

A-Score: 3.1/10

Value: 6.3

Growth: 2.3

Quality: 2.7

Yield: 1.9

Momentum: 2.0

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

39.0$

Current Price

39$

Potential

-0.00%

Expected Cash-Flows