The march was high for Voltalia, after a disappointing first half, to be able to meet its 2021 objectives. But thanks to strong growth in its turnover in the fourth quarter (+90% to 158 million euros), the producer of green electricity has kept its commitments. “Assignments save guidance”sums up the financial analyst Nicolas Royot of the firm Portzamparc, property of the bank BNP Paribas.
Indeed, if the revenues of the company, which builds and operates power plants producing electricity from wind turbines, solar panels or biomass, increased so much at the end of last year, it is thanks to the sale, announced in May, of several assets, mainly that of the Brazilian wind farms of VSM2 and VSM4 (total of 187 MW), the sale margin of which was accounted for in revenue.
“If the fourth quarter is significantly higher than expected and secures the 2021 Ebitda forecast [d’environ 170 millions d’euros]this is due solely to asset disposals”, we also note at Invest Securities. Because electricity sales are disappointing. At 56.5 million euros, they were stable compared to the fourth quarter of 2020, despite the surge in electricity prices and the increase in production capacity. Corn “wind conditions less favorable than a year earlier” weighed on sales, management said in a statement. They are down compared to the third quarter.
Portfolio rebalancing
Voltalia therefore only owes its rise today on the stock market (up to +8%) to exceptional factors. However, the company’s shares have continued to lose since the start of the year, after already falling by more than 20% in 2021. Their price, however, had risen sharply in 2019 and 2020.
“Asset disposals will drive results, rebalance the portfolio in technology and geography and finance future constructions”, decrypts Nicolas Royot, who advises to “conserve” on the value. The green electricity producer is reducing its exposure to wind power in Brazil in exchange for numerous photovoltaic projects in Europe and Africa.
Controlled by the Mulliez family (around 70% of the capital), Voltalia is a pure player in renewable energies, controlling the entire chain, from development to operation via construction. Energy production accounts for nearly two-thirds of its turnover. The rest comes from services, ie development-construction and operation-maintenance services for third parties.