Enerside Energy Sa · BME:ENRS
Enerside Energy Sa — Investor Presentation (October 2023)
34 slides from Enerside Energy Sa's investor presentation, October 2023
Slide 1: Profitable Energy, Sustainable World
PROFITABLE ENERGY SUSTAINABLE WORLD Corporate Presentation | October 2023
Slide 2: Disclaimer
DISCLAIMER This document may contain forward-looking statements and information (hereinafter, the “Information”) relating to Enerside Energy, S.A or Enerside Group (hereinafter “Enerside”, the “Company” or the “Enerside Group”). The Information reflects the current view of Enerside with respect to f
Slide 3: Table of Contents
Table of Contents 1. UPDATE ON ENERSIDE 2. KEY INVESTMENT HIGHLIGHTS 3. FINANCIAL RESULTS 1H 2023 4. TAKEAWAYS
Slide 4: 1. Update on Enerside
enerside > 1. Update on Enerside
Slide 5: Update on Enerside – Executive Summary
UPDATE ON ENERSIDE – EXECUTIVE SUMMARY > Enerside is an integrated pure PV solar player About Enerside > The company has a development pipeline of 6.8GW diversified across Italy, Brazil, Chile, and Spain > In March 2022, Enerside conducted its initial public offering on the BME Growth, raising €34m
Slide 6: An integrated Solar PV Platform, diversified across Europe & Latam
UPDATE ON ENERSIDE – KEY FIGURES An integrated Solar PV Platform, diversified across Europe & Latam DEVELOPMENT Gross Asset Value of €329m1,2 6.8 GW High Quality Pipeline as of June 2023 High quality, mature, and diversified NAV2 per Share of 6.41 € Spain | Italy | Chile | Brazil CONSTRUCTION Public
Slide 7: 1H2023 Consolidated Results
UPDATE ON ENERSIDE – 1H2023 CONSOLIDATED RESULTS Strong growth under challenging circumstances Pipeline IPP GAV1 NAV1 6.8GW 20MW €329m 6.41 €/Sh +40% CAGR2017-23 In Operation €263m attributable +17% vs IPO Revenue Net Investment2 Net Debt Loan to Value3 €28m €60m €32m 12.1% +76% vs 1S2022 Capital In
Slide 8: Sector and public markets instability
UPDATE ON ENERSIDE – SHARE PRICE PERFORMANCE SINCE IPO Sector and public markets instability Poor market conditions have led to sector underperformance Enerside trading at c.50% discount to valuation references Share price performance YTD1 (rebased to 100) Market Price1 vs NAV per Share & Analysts’
Slide 9: 2. Key Investment Highlights
2. KEY INVESTMENT HIGHLIGHTS
Slide 10: A Pure-Solar International Platform focused on Value Creation
KEY INVESTMENT HIGHLIGHTS A Pure-Solar International Platform focused on Value Creation 1 A Pure Solar Vertically Integrated International Platform 1.1 Strong tailwinds are turbocharging the Solar PV Industry 1.2 Italy & Brazil: High-growth markets with strong fundamentals 1.3 Distributed Generation
Slide 11: A Pure Solar International Platform
1 A Pure Solar International Platform A geographically diversified, fully integrated Platform
Slide 12: 1.1. Strong tailwinds are turbocharging the Solar PV Industry
1 A PURE SOLAR INTERNATIONAL PLATFORM 1.1. Strong tailwinds are turbocharging the Solar PV Industry Electrification expected to double PV to lead the Energy Transition Key Drivers Electrification Projections (TWh) Global Penetration of main RES (GW) 4,200 Higher awareness Europe LatAm 4,200 3,700 x1
Slide 13: 1.2. Italy & Brazil: High-growth markets with strong fundamentals
1 A PURE SOLAR INTERNATIONAL PLATFORM 1.2. Italy & Brazil: High-growth markets with strong fundamentals • Buying the dip: Prices……….Int. Rates ………. Accelerated Transition into Renewables Italy Electricity Generation Mix in 2021 • One of the largest markets globally in size & sunlight abundance Other
Slide 14: 1.3. Distributed Generation: a huge opportunity with a clear Business Case
1 A PURE SOLAR INTERNATIONAL PLATFORM – DISTRIBUTED GENERATION 1.3. Distributed Generation: a huge opportunity with a clear Business Case Distributed Generation penetration continues to grow, presenting a great opportunity in Brazil, Chile, and Spain Distributed Generation Projects (“DG”) Key charac
Slide 15: 1.4. Integrated Platform capturing value across the projects' lifecycle
1 A PURE SOLAR INTERNATIONAL PLATFORM – BUSINESS MODEL 1.4. Integrated Platform capturing value across the projects’ lifecycle 1 Development 2 Construction 3 Operating Development of PV Solar projects until EPC provider for internally, and occasionally O&M IPP reaching RTB status for third-parties,
Slide 16: Team & Track Record
2 Team & Track Record A Successful Growth Story on the back of an accomplished Team & Industrial Know-how
Slide 17: M&A & Strategic partnerships as key levers for inorganic growth
2 TEAM & TRACK RECORD – M&A M&A & Strategic partnerships as key levers for inorganic growth Enerside has proven its capacity to grow inorganically A disciplined approach towards inorganic growth +2GW currently under analysis January 2022. Entry in Italy through M&A Chile • Acquisition of 900MW in It
Slide 18: An outstanding track record developing +6.8GW from scratch
2 TEAM & TRACK RECORD – STRONG INDUSTRIAL KNOW HOW An outstanding track record developing +6.8GW from scratch CAGR 40% | 8x 6.82,3 +2.3 GW 5.5 +1.3 vs IPO (03/2022) 4.5 +1.0 0.9 x8 vs 2017’s Pipeline 1.2 0.9 1.5 +40% CAGR1 Last 5 years 2017 2018-2020 2021 M&A 2022 IPO 2022 Dic 2022 2023 jun-23 1. Co
Slide 19: +100 years of collective experience
2 TEAM & TRACK RECORD – STRONG & EXPERIENCED MANAGEMENT TEAM +100 years of collective experience Joatham Grange Antoni Gasch Álvaro Escrivá +15 +15 +18 Founder & CEO VP Eng. & Operations VP Sales & Corp. Dev. • Previous experience in Corporate Banking & • +15 years of Experience in Renewable Energie
Slide 20: A strong, independent, and diverse Board of Directors
2 TEAM & TRACK RECORD – EXPERIENCED & HIGHLY REGARDED BOARD A strong, independent, and diverse Board of Directors Committed to transparency and the best international practices in Corporate Governance & ESG Anna María Birulés Pedro Nueno An Independent & Diverse Board of Directors Chairwoman Vice-Ch
Slide 21: Our Assets
3 Our Assets +6.8GW under management, well balanced across Europe and Latin America
Slide 22: A high-quality pipeline with unique exposure to Italy and Brazil
3 OUR ASSETS – 6.8GW DIVERSIFIED AND MATURE PIPELINE A high-quality pipeline with unique exposure to Italy and Brazil Diversified Portfolio with unique exposure to Brazil and Italy Present in 4 markets across Europe & Latam Pipeline Overview (in MWp)1 Exp. RTB Total Brazil Italy Spain Chile Secured
Slide 23: Gross Asset Value based on independent valuation (Big-4)
3 OUR ASSETS – 6.8GW DIVERSIFIED AND MATURE PIPELINE Gross Asset Value based on independent valuation (Big-4) GAV – assets under Management (€m)1 Valuation Methodology & Assumptions Dividend Discount Model Method • Equity value at RTB based on NPV of all future dividends 93 329 350 • Key DDM Assumpt
Slide 24: Clear Asset Rotation Strategy to maximize value
3 OUR ASSETS – CLEAR VALUE CREATION THROUGH ASSET ROTATION Clear Asset Rotation Strategy to maximize value Clear Value Creation through Asset Rotation Average values based on market precedents (illustrative only) Investment Cycle of ~2-5 years Investment Cycle of ~2-5 years Investment Cycle of ~1-3
Slide 25: 3. Financial Results 1H2023
3. FINANCIALS RESULTS 1H2023
Slide 26: Profit & Loss Statement 1H2023
FINANCIAL RESULTS 1H 2023 – P&L Profit & Loss Statement 1H2023 Negative Results, reflecting strong investments required for transformation into IPP and challenges in EPC services P&L - €m (Simplified) 1H2023 1H2022 EPC for third parties driving losses to (€16m) • Strong growth in inflationary enviro
Slide 27: Capital Structure as of June 2023
FINANCIAL RESULTS 1H 2023 – CAPITAL STRUCTURE Capital Structure as of June 2023 A prudent financial strategy to support the company’s growth plan 20.0 Leverage of 12% (Loan to Value), well below industry standards Back-ended maturity profile of debt ensuring repayment capacity 18.0 Financial Debt1 m
Slide 28: Value Creation despite turbulent environment
FINANCIAL RESULTS 1H 2023 – VALUE CREATION Value Creation despite turbulent environment 17% increase in NAV1,2, or 95 €cts. per share of net value creation since IPO (March 2022) NAV Evolution since IPO (in €m) NAV Evolution since IPO (in €/Share) 250 6.6 +17% +17% 239 6.41 240 6.4 6.2 230 6 220 5.8
Slide 29: 4. Takeaways
4. TAKEAWAYS
Slide 30: A Pure-Solar International Platform focused on Value Creation
TAKEAWAYS A Pure-Solar International Platform focused on Value Creation 1 Well positioned to strive in a growing sector with unique dynamics… • Strong tailwinds underpinning & accelerating the Solar PV Industry • Italy & Brazil: High-growth markets with strong fundamentals • Capturing value across t
Slide 31: Appendices
enerside > Appendices
Slide 32: A Solar PV specialist since 2007
APPENDICES – PROVEN TRACK RECORD A Solar PV specialist since 2007 Reaching key Targets since 2007 Key Company Milestones 2007-2012. 2012-2017 2018-2020 2021-2023 Inception Internationalization Integrated Platform IPP TRANSFORMATION TO IPP • Asset Rotation of 280MW INTEGRATED PLATFORM • IPO March ’22
Slide 33: Enerside's transformation into IPP is taking off
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING Enerside’s transformation into IPP is taking off Overview of a Generic Solar PV Project (Illustrative) Development Construction Operation 1 - 5 years < 1 year 25-30 years Returns: +3x invested capital Project IRR +10% Yield compression of +250bp, a
Slide 34: Thank You
THANK YOU investors@enerside.com
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