Neoen slumps on FY profit miss, disappointing 2025 targets

Neoen SA

01/03/2023 09:23

** Shares in Neoen  NEOEN.PA  fall around 8%, set for worst
day since September, after the French renewable energy firm's FY
net income and 2025 guidance missed expectations
    ** The company reports a consolidated adjusted net income of
48.0 million euros ($51.05 million) for 2022, 19% below
consensus according to J.P.Morgan
    ** It also confirms 10GW capacity (operating and under
construction) for 2025, with a related new adjusted EBITDA
target of around 600 million euros
    ** JPM says the 2025 adjusted EBITDA target "stands
materially (-8%) below" consensus expectations of 655 million
euros
    ** The brokerage points to lower-than-expected profitability
outlook coming together with a higher expected capex until 2025
and a higher equity requirement
    ** "The new capacity target of 20GW (operating & under
construction) by 2030 is unlikely to reassure investors as a
result," JPM says
    ** The stock touches its lowest price since March 2022 and
is among worst performers on France's SBF 120 index  .SBF120 

($1 = 0.9403 euros)

 (Reported by Clement Martinot)
 ((Clement.martinot@tr.com))