(Boursier.com) — La Française de l’Energie rebounded by 1.75% to 40.7 euros, supported by the publication of significantly improved annual accounts. The energy producer with a negative carbon footprint recorded an EBITDA of €26.7 million in its 2022-2023 financial year (+77% in one year), with an EBITDA margin of 68% (compared to 58% in 2022), beyond the Group’s margin objectives at the end of 2026. After an exceptional scrappage of 6.8 ME, the Group’s share of net income reached 12 ME in 2023, up 64% compared to 2022. This exercise confirms thus the solidity of FDE’s economic model, associated mainly with the valorization of mine gas, and the continued growth of its activities.
Thanks to its available cash of €43 million, a conservative level of debt, a strengthened experienced team and solid banking relationships, FDE has the necessary resources to accelerate the deployment of its growth strategy, in order to achieve the announced 2026 objectives. FDE thus reiterates its objectives of annualized turnover of more than 100 ME, an EBITDA of more than 50 ME, combined with more than 10 million tonnes of CO2eq emissions avoided per year by 2026.
Following this publication, Oddo BHF maintains its medium and long-term estimates almost unchanged. The broker confirms its ‘outperform’ recommendation with a target of 55 euros. Confirmation of the development of Cryo Pur and Gas and/or hydrogen activities in Lorraine constitute important potential levers not yet integrated into its estimates and valuation.
Although turnover and results were negatively impacted by exceptional elements (delay in the allocation of authorizations for the installation of mine gas cogeneration; loss of volumes linked to the unavailability of the GRT Gaz transport network for 3 months; exceptional depreciation of a well), margins continue to improve thanks to rigorous operational discipline, underlines TP ICAP Midcap. The activity also remains in solid growth. The quality profile still seems largely underestimated: 7xEV/EBITDA 2024. However, the growth drivers, some of which should begin to materialize in the short term, are ideal for the creation of long-term value, adds the analyst. ‘purchase’ on the title.
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