SolarPack – BME:SPK
Company Background:
It was founded in 2005, and its IPO was in 2019
Company data (07/06/20) | |
Market Capitalization | 470 mill € |
Revenue FY19 | 82.8 mill € |
EBITDA | 36.1 mill € |
Debt | 227 mill € |
P/E | 25.96 |

What is the business of the company:
Solarpack is an independent power producer, it develops solar photovoltaic projects from the beginning. The company offers financing, operation, maintenance, power generation and asset management services
Why it is an interesting company?
- Solarpack is in a sector which is growing quickly
- It has presence over 4 continents
- It has an interesting business model where it combines build to own with build to sell
- 1Q20 were the best financial results of its history
- It is backed by an important Private Equity firm (Ardian)
- Strong presence in important emerging markets such as India & Chile
Current situation:
- 450 MW operated (Spain, Peru, India, Chile)
- 239MW under construction (Spain, India, Chile)
- Strong pipeline

Financial review:
SolarPack has 4 segments: Development & construction + Power Generation + Services + Corporate
Total EBITDA 1Q20 = 17.2 (+208% vs 1Q19)
Devcon: 4.1M€ (19.4% margin)
PowGen:12.9M€ (88% margin) This is the important one as it is backed by PPA contracts (25 years)
Services: 0.4M€
Corporate: -0.3M€
Earnings Trends*

*Data from Bloomberg
Conclusion
It is an interesting company which is forecasted to grow heavily during the next year. Currently, its P/E ratio is not cheap. However, we believe that it is worthy of following. It is in an interesting sector, it is well managed, and it can be interesting to consider at an attractive price.
Guidance
