Ellomay Capital: Generating Capital To Allocate

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Ellomay Capital: Generating Capital To Allocate

September 29, 2016 Anand Gupta

L-R – Anand Pathak, Founder & CEO, Vikas Kalra, Co- Founder & Chief Business Officer, Manoj Sharma, Co- Founder, Sunil Bansal, Co-Founder and COO, and Akshay Tandon, Co-Founder & CTO

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Ellomay Capital Ltd invests in international power generation assets on the basis of value and cash yield. Its asset mix comprises solar plants in Italy and Spain as well as an investment in an Israeli gas-fired power plant. The company enjoys a high level of cash generation (FY16e FCF yield 8.4%), which management allocates between debt repayment, shareholder returns and investment in new projects. Our fair value per share is $11.50.

Generating assets, with high earnings visibility

Ellomay owns 30.5MWp of solar photovoltaic (PV) assets in Italy and Spain and a 9.4% equity stake in Dorad, an 850MW Israeli gas-fired power plant. Its international portfolio of generation assets offers investors exposure to a strong range of technologies and end markets. A key plank of the story is the strong recurring cash flow provided by high-visibility regulated earnings on its solar activities.