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1. Company Snapshot

1.a. Company Description

Voltalia SA engages in the production of electricity from renewable energy sources.It operates through two segments, Energy Sales and Services.The company develops, constructs, operates, and maintains wind, solar, hydro, and biomass power plants.


It also develops and sells projects, and procures equipment for solar power plants, as well as provides maintenance service.As of December 31, 2021, the company operated solar power plant with an installed capacity of 98 MW.It operates in Africa, the Middle East, Asia, other Europe, Brazil, and Latin America.


The company was incorporated in 2005 and is headquartered in Paris, France.Voltalia SA is a subsidiary of Voltalia Investissement SA.

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1.b. Last Insights on VLTSA

Voltalia SA's recent performance was negatively impacted by a decrease in energy sales, primarily due to the end of short-term contracts at high prices and an unfavorable EUR/BRL exchange rate. The company's Q2 2025 turnover was €147.7 million, with energy sales declining by 13% year-over-year. Additionally, the company's liquidity contract, managed by NATEXIS ODDO BHF, saw 2,851 sell-side transactions and 2,715 buy-side transactions over the period. The company's Half-Year Results 2025 and SPRING transformation plan presentation are scheduled for September 4, 2025.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Market Chatter: Brookfield Asset Management, Voltalia Looking Into Data Center Projects in Brazil

Dec -04

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Should Voltalia's Early O&M Milestone in Brazil Prompt Action From (ENXTPA:VLTSA) Investors?

Nov -13

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Voltalia (ENXTPA:VLTSA): Exploring Valuation as Shares Trade Well Below Sector Peers

Nov -12

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First megawatt-hours delivered by Sarimay Solar, a 126-megawatt solar plant in Uzbekistan

Nov -12

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Voltalia surpasses 8 GW of capacity under management

Nov -05

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With the gain of Brazilian contracts, Voltalia has surpassed 8 gigawatts of capacity under management for third parties, reaching its 2027 target two years ahead of schedule

Nov -04

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Third quarter turnover up +31%

Oct -22

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Voltalia (ENXTPA:VLTSA) Valuation in Focus After 32% Share Price Surge

Oct -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.21%)

6. Segments

Energy

Expected Growth: 12%

Voltalia SA's 12% growth in Energy segment is driven by increasing demand for renewable energy, government incentives for clean power, and strategic acquisitions expanding its wind and solar portfolio. Additionally, rising electricity prices and declining technology costs are making renewable energy more competitive, further boosting growth.

Services

Expected Growth: 10%

Voltalia SA's 10% growth is driven by increasing demand for renewable energy, expansion into new markets, and strategic partnerships. The company's diversified service portfolio, including wind, solar, and hydroelectric power, positions it for continued growth. Additionally, government incentives and regulations supporting the transition to clean energy further fuel Voltalia's expansion.

Eliminations and Corporate

Expected Growth: 8%

Voltalia SA's Eliminations and Corporate segment growth of 8% is driven by increasing operational efficiencies, cost savings from synergies, and strategic investments in renewable energy projects. Additionally, the company's focus on sustainable development and ESG initiatives has led to improved profitability and enhanced stakeholder value.

7. Detailed Products

Renewable Energy Production

Voltalia SA generates electricity from renewable sources such as wind, solar, and hydro power, providing clean energy to the grid.

Energy Storage Solutions

Voltalia SA offers energy storage solutions to stabilize the grid, providing backup power during outages and optimizing energy distribution.

Grid Services

Voltalia SA provides grid services, including frequency regulation, voltage support, and spinning reserve, to maintain grid stability and balance.

Electricity Trading

Voltalia SA trades electricity on wholesale markets, optimizing energy sales and purchases to maximize revenue and minimize risk.

Engineering, Procurement, and Construction (EPC) Services

Voltalia SA offers EPC services for renewable energy projects, from design to commissioning, ensuring timely and cost-effective project delivery.

Operation and Maintenance (O&M) Services

Voltalia SA provides O&M services for renewable energy assets, ensuring optimal performance, reliability, and safety.

8. Voltalia SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Voltalia SA is moderate due to the availability of alternative energy sources and the increasing adoption of renewable energy technologies.

Bargaining Power Of Customers

The bargaining power of customers for Voltalia SA is low due to the company's strong market position and the lack of buyer concentration in the renewable energy industry.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Voltalia SA is moderate due to the presence of multiple suppliers in the market and the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for Voltalia SA is high due to the growing demand for renewable energy and the increasing number of new players entering the market.

Intensity Of Rivalry

The intensity of rivalry for Voltalia SA is high due to the competitive nature of the renewable energy industry and the presence of established players in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.14%
Debt Cost 7.20%
Equity Weight 39.86%
Equity Cost 7.20%
WACC 7.20%
Leverage 150.91%

11. Quality Control: Voltalia SA 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

Stock-Card
Enlight Renewable Energy

A-Score: 3.7/10

Value: 2.0

Growth: 3.9

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Ellomay Capital

A-Score: 3.3/10

Value: 3.7

Growth: 4.3

Quality: 1.6

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Voltalia

A-Score: 3.2/10

Value: 7.3

Growth: 5.0

Quality: 2.0

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Lhyfe

A-Score: 3.0/10

Value: 6.8

Growth: 3.3

Quality: 2.8

Yield: 0.0

Momentum: 3.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Fusion Fuel Green

A-Score: 2.5/10

Value: 6.6

Growth: 4.1

Quality: 4.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Green Hydrogen Systems

A-Score: 2.5/10

Value: 8.8

Growth: 3.2

Quality: 2.6

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

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

7.09$

Current Price

7.09$

Potential

-0.00%

Expected Cash-Flows