TP ICAP Midcap downgrades Voltalia, saying revaluation has been 'pushed back'

Voltalia SA

04/09/2026 12:09

** French brokerage TP ICAP Midcap downgrades Voltalia VLTSA.PA to "hold" from "buy" citing uncertainty regarding the renewable energy company's divestment timetable
** It notes that while operational fundamentals are strengthening, the main driver of the stock's revaluation has now been "pushed back"
** Although Voltalia's savings plan is delivering ahead of schedule, its progress will likely take a back seat in the market's assessment until debt issues are resolved, the broker says 
** Brazil is becoming a primary source of operational risk, as a structural curtailment in certain regions reduces expected production and cash generation, it adds
** The Paris-listed shares slumped nearly 18% on Thursday after Voltalia scrapped its net profit forecasts for 2026 and 2027, bringing YTD losses to 31.3%​

(Reporting by Hugo Lhomedet)
((hugo.lhomedet@thomsonreuters.com))