Terna Energy – Company Update · Terna Energy – Company Update AXIA Research Page 2 1.0GW on...

Terna Energy – Company Update

AXIA Research Page 1

Terna Energy S.A. Renewable Energy / Greece

Reuters/Bloomberg: TENr.AT / TENERGY GA

May 08, 2017

Approaching Elysium

Rating Buy vs. previous rating Buy

Leaving a profitable 2016 behind, Terna Energy is on course to hit the mark of about 1.0GW of wind installed

capacity before the end of 2018. Upon reaching this mark, the company is estimated to generate FCF of

about EUR 90m per annum (26% yield) that allow the management to significantly increase shareholder

return (36% DPS CAGR in 2016-19), put leverage on a declining trend and proceed with selective expansion.

At the same time sector M&A activity adds scarcity value to the name that is not currently priced in our

view.

We update our estimates to align with the capacity expansion program and now include the new wind park

of 155MW in the US, driving our 2017-18 EBITDA estimates up by 1.5%-19% vs. previous. Following our

revised estimates our DCF valuation yields a target price of EUR 4.50/sh (vs. EUR 3.70/sh previously). With

the stock offering a solid 45% upside from current levels (including 2017 div. yield of 4.2%), we reiterate our

Buy recommendation.

2016 was a profitable year for the group.

Group’s wind installed capacity increased to 737MW as Terna Energy fully commissioned its 73MW off-shore

wind park in Agios Georgios islet in 2H16. The new park drove the group’s RES sales and EBITDA up by 22.8%

and 51.2% y-o-y respectively in 4Q16. Group revenues in 2016 settled at EUR 225.6m (+13.6% y-o-y), including

EUR 74m of other revenues (construction-trading-concession). Bottom line, following the 16.7% y-o-y hike in

EBITDA, increased 22.0% y-o-y to close at EUR 20.6m

1.0GW on sight and looking ahead

The company announced that has in advanced construction stages 48WM in Greece, while another 155MW in

the US and 44MW in Greece are under construction. Upon the completion of these parks (we estimate

2H2018) Terna Energy shall hold a wind installed capacity of 984MW (57% in Greece, 27% in the US and 13.6%

in Eastern Europe) and a total installed capacity of 1.01GW. Upon having met the 1.0GW mark Terna Energy

will have the financial capacity to selectively expand taking advantage of its strong operational cash flows,

focusing mainly in the US market.

Updated estimates

Our updated estimates call for 2017-18 EBITDA of EUR 134.1m and EUR 157.6m respectively vs. EUR 116m in

2016, while bottom line profits are seen at EUR 26.8m in 2017 and EUR 34.3m in 2018 vs. EUR 20m in 2016.

Net debt is expected to peak at cEUR 700m in 2017 (vs. EUR 503m in 2016), but with leverage levels stabilizing

due to EBITDA growth and sharply declining thereafter (net debt/EBITDA in 2017-18-19 at 5.1x-4.3x-3.7x).

Sector M&A adds scarcity value

Recently EDP, the holding company of one of the wind sector leader’s EDPR, launched a takeover offer for the

remaining shares of EDPR (about 23%) taking the only remaining large pure wind play out of the public market.

The offer implied a P/E and EV/EBITDA of 28.0x and 9.1x for 2017 based on our estimates. Private market

transactions in the industry imply a premium of about 20% to listed names which we believe is not priced in,

especially if we consider the scarcity of pure wind plays in the global market.

Attractive trading levels

The company trades on P/E terms for 2017-18 at 12.5x-9.7x vs. peers trading at 22.3x-19.6 representing a

c50% discount. On EV/EBITDA for 2017-18 Terna Energy trades at 7.5x-6.5x, at 16% discount to peers. On our

TP the company is seen trading at 13.7x 2019 P/E and 6.7x EV/EBITDA.

EUR m 2015 2016 2017E 2018F 2019F

Revenues 198.6 225.5 233.6 263.7 267.0

EBITDA 99.3 115.7 134.3 157.6 165.5

Net Income 16.9 20.6 26.8 34.4 39.4

EPS 0.2 0.2 0.3 0.3 0.4

Net Debt 319.3 503.5 697.8 690.1 626.7

P/E (x) 15.5 x 13.8 x 12.5 x 9.7x 8.5x

EV/EBITDA (x) 5.9 x 6.8 x 7.7 x 6.5x 5.8x

Div. Yield 3.7% 3.2% 4.2% 5.1% 7.1%

Net Debt/EBITDA (x) 3.2 x 4.4 x 5.2 x 4.4 x 3.8 x Source: AXIA Research, The Company

Target Price (EUR) 4.50

Previous TP 3.70

Current Share Price* (EUR) 3.18

*05 /05/ 2017

Stock Data

Market Cap (EUR m) 333.3

Free Float 30%

EV (EUR m) 849.3

Num. of Shares (m) 105m (ex-treasury)

Performance 1m 3m 12m

Absolute (%) 9.7 13.6 14.0

ASE General (Abs) 10.7 23.4 24.5

Day avg. no traded shr (k-12m) 22.0

Price high-12 m (EUR) 3.230

Price low-12m (EUR) 2.23

Terna Energy S.A. is active in the production of energy from renewable energy sources (RES). More specifically Terna Energy constructs and operates wind parks, small hydroelectric plants, photovoltaic parks and recently has been involved in the waste disposal facilities area. Its construction division undertakes mainly electromechanical projects both in house and third party developments.

Shareholders: Gek Terna 39.5%, Peristeris Georgios 21.7%, York Global Finance 9.39%

Argyrios Gkonis - Analyst [email protected] +30 210 7424462 Constantinos Zouzoulas – Head of Research [email protected] +30 210 7424460

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TERNA ENERGY SOCIETE ANONYME COMMERCIAL TECHNICAL COMPANY S.A.

ATHEX Composite Index (Rebased)

mailto:[email protected]




1.0GW on sight

Terna Energy is speeding up its capacity additions, planning to bring online at least 246MW in

2017-18 (of which 155MW in the US), to reach a total installed wind capacity of 984MW (total

installed 1,010MW including 26.5MW of operating small hydro and solar). The new additions,

accompanied with the full operation of Agios Georgios hybrid park in Greece (73MW) in 2017, are

expected to drive the company’s EBITDA up by 12.7% CAGR in 2016-19 to reach EUR 165m in 2019

from EUR 116m in 2016.

In respect of installations in Greece, the company is in the last construction stages of 48MW in

Greek mainland (Dervenoxoria), while according to management some of this capacity is already in

operation. We model this park to come online in 2H17.

At the same time another park of 44MW has started construction in Northern Greece (Vermio).

According to the management this park should be commissioned in early 2018.

The capex for these parks amounts to approximately EUR 120m and is spilt in 2016-17. In respect of

financing structure, the company’s equity contribution will cover about 30% of the total investment,

with the remaining covered by bank debt on a project basis.

By the end of 2017 Terna Energy is planning to bring online its new 155MW Fluvana I park in the US

in Scurry County, Texas. Note that this is the second park for the company is the US as it operates a

138MW wind park in Elmore County, Idaho as of 2012.

The park upon its operation is expected to generate about EUR 17m of EBITDA per annum, taking

advantage of the very strong wind dynamics in the area (load factor at 45%). The total investment

for the park stands at USD 250m. Part of the designated capex was spent in 2016, with the larger

portion though invested in 2017.

Fluvanna I is owned and will be operated by Terna Energy. Copenhagen Infrastructure Partners (CIP-

PensionDanmark) is investing USD 61m to the project, while subject to satisfaction of certain

conditions precedent Goldman Sachs will make an equity investment in the holding company that

owns the project following the commencement of commercial operations of the project. Financing

during construction will be covered, through loans by a group of banks.

Moreover Terna Energy has acknowledged that CIP has also expressed interest to invest in Fluvanna

II (130MW wind) under a similar financing structure. It is to our understanding that upon the final

decision for the implementation of the project (capex at about USD 250m again), the construction

could be completed in a very short time (6-months). We do not include this project to our model at

this point. We estimate that if the project goes ahead it will generate about EUR 15m of EBITDA per

annum.

Chart 1a. Terna Energy Wind Installed Capacity Evolution (MW) Chart 1b. Financial performance (EUR m)

Source: The Company, AXIA Research

263 394

559 56

102

102

30

30

30 138

293.4

349

664

984.4

2011 2015 2018F

US

Bulgaria

Poland

Greece

46.5

140.3

200.7

32.6

102.8

157.6

70.1%

73.3%

78.5%

64.0%

66.0%

68.0%

70.0%

72.0%

74.0%

76.0%

78.0%

80.0%

0.0

50.0

100.0

150.0

200.0

250.0

2011 2015 2018F

RES Revenues EBITDA EBITDA margin



Looking ahead Upon having met the 1.0GW mark Terna Energy will have the financial capacity to selectively

expand taking advantage of its strong operational cash flows. Specifically we expect the focus to

remain in US opportunities taking advantage of the organic FCF generation of EUR 90m per annum

that according to our estimates should allow for capacity growth of about 10% per annum in the

medium to longer term.

We would expect the company to keep its radar open for greenfield investment opportunities in the

US market building upon its existing presence and know how. Although the major renewable energy

producers in the US have accumulated a significant part of the capacity, Terna Energy could focus on

regional medium and small sized projects building upon its presence in the country. As the

management has indicated the company would be looking into projects in the US market with an

IRR of about 13%.

In respect of the RES market in Greece, following the completion of the current under construction

wind parks in 2017-18, we would not expect any other additions in the short term. Following the

framework change (we discuss this in the following section of the report), that effectively calls for

tenders for new capacity based on a feed in premium Terna Energy as the largest player in the

market could selectively target attractive projects, having the financial capacity to proceed to their

implementation.

Taking a more quantitative look on the company’s financial capacity to go after new investments in

Greece and abroad, based on our estimates for the company’s organic FCF in the medium term we

believe Terna Energy could be able to invest about EUR 30-40m of equity per annum into new

projects. This amount, leveraged with the customary terms would allow the company to finance

investments of about 80-100MW per annum, while safely meeting its debt service needs and

allowing for a solid return to the shareholders.

Chart 2. FCF (EUR m) and dividend yield

*FCF excluding expansion capex Source: AXIA Research, The Company

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0

100.0

120.0

2014 2015 2016 2017e 2018f 2019f 2020f

Organic FCF* (lhs) Dividend yield (%-rhs)



Greek RES market: 2016 overview and developments

Domestic electricity market performance and outlook

Total electricity demand in Greece posted a marginal growth of 0.7% y-o-y in 2016, while it

remained practically stable if we exclude exports and pumping. Demand was driven by climate

conditions, that especially towards the end of the year boosted low voltage demand (4Q16 demand

was up by about 8.5%). Additionally to the above stabilization of the economic climate (flat y-o-y

GDP in 2016) also provided some support with medium and high voltage demand (that represent

the bulk of Greece’s commercial and industrial clientele) increasing by about 8.0% y-o-y.

In respect of generation, total generation in the country increased by 1.8% y-o-y mainly driven by

the 6.2% y-o-y increase of RES (thermal and large hydro up 0.6% y-o-y), while imports declined by

3.5% y-o-y. RES covered 17.3% of the total energy consumption vs. 16.4% in 2015, increasing their

output to 10.2TWh from 9.6TWh in 2015.

In respect of conventional sources, lignite output was significantly contained (-23.3% y-o-y) with

natural gas units gaining market share (output +72.2% y-o-y) courtesy of the lower natural gas prices

that increased their competitiveness vs. lignite as well as reduced availability of lignite units.

Amid this environment, average wholesale electricity price (SMP), driven by the lower generation

costs and stable demand, declined by 17.2% y-o-y to EUR 42.8/MWh vs. EUR 51.9/MWh in 2015 and

EUR 57.5/MWh in 2014.

For 2017, in the first three months of the year demand continues to increase, with LAGIE data calling

for growth of about 7.0% y-o-y driven mainly by the adverse winter conditions. On the generation

front, lignite and natural gas output are up by about 35%, while RES generation is up by 5.0% y-o-y.

Increased demand pushed prices higher with SMP in 1Q17 averaging EUR 59.01/MWh, +32% y-o-y.

On a FY basis we a pick up in the economic activity to maintain a positive bias in commercial

consumption, also taking into account the reduced tariffs the consumers are offered due to the

opening up of the supply market. Weather conditions add a stochastic factor to the estimates. All in

all we expect an increase of about 1.0%-2.0% in 2017 demand.

Chart 3a. SMP performance (EUR/MWh) Chart 3b. Greece’s generation profile (GWh)

Source: IPTO, LAGIE, AXIA Research

Wind Energy

Wind installed capacity in the country at the end of 2016 reached 2.37GW, increased by 219MW y-

o-y, with the bulk of the new installation located in the mainland. Wind parks in 2016 generated

5.1GWh (+6.5% y-o-y), covering 8.7% of the total demand of the country and accounting for 51% of

the total RES production. The higher output was driven mainly by the new capacity that came online

as stable wind dynamics kept load factor practically unchanged y-o-y at 25.5%.

In respect of market participants, Terna Energy remains the largest producer with wind installed

capacity in the country reaching 460MW (20% of total), followed by Iberdrola (250.8MW), El.Tech.

Anemos (238.6MW) and EDF (238.2MW). It is worth noting that the five biggest wind producers

account for just 50% of the total wind installed capacity in the country.

35

45

55

65

75

Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec

2014 2015 2016 2017

61,892 63,365 60,075

57,032 58,772 59,209

2011 2012 2013 2014 2015 2016

Imports

RES

Oil

Large Hydro

Natural gas

Ligtnite



4,139 3,688

4,620 5,145

26.77% 22.62%

25.79% 25.47%

6.9% 6.5% 7.9% 8.7%

48.1% 44.3%

49.4% 51.6%

5.00%

25.00%

45.00%

65.00%

-

2,000

4,000

6,000

2013 2014 2015 2016

Output (GWh) Load factor % of total demand % of RES Production

Chart 4a. Wind producers installed capacity (MW) Chart 4b. Wind park generation dynamics

Source: LAGIE, Eletaen, AXIA Research

RES account deficit

In respect of market economics, the deficit of the dedicated account for renewable producers at the

end of 2016 stood at about EUR 200m, vs. EUR 84.28m at the end of 2015 and EUR 200m at the end

of 2014. This resulted in a cash conversion cycle of about 7-8 months for RES producers (vs. 5-6

months before). Key factors that drove the deficit higher were the increased RES output and the

decline in SMP that were not followed by increases in the fee paid by the consumers (ETMEAR) by

the Ministry of Energy to bridge the gap. That resulted in delays in the payment of RES producers

that are currently being paid by a delay of about 6-7 months vs. 4-5 months approximately in 2014-

15.

During 2016 the government, following MoU guidelines, drafted and legislated a framework to

balance the RES account within 2017 and automatically monitor its performance going forward.

According to the introduced methodology, electricity suppliers will take up a charge to cover the

deficit (RES fee). The relevant charge will be calculated by the regulator (RAE) for each year based

on the projected deficit and will be paid by the suppliers based on their market share. This,

alongside with the contribution of the “ETMEAR” fee paid by the consumers are expected to balance

the RES account by the end of 2017.

Chart 5. RES account deficit bridge estimates

Source: LAGIE, AXIA Research

0

100

200

300

400

500

600

Terna Energy

Iberdrola Anemos EDF ENEL Green Power

Europe Energy

EREN Group

Protergia PPC RES Other

2016 2015

1,865 1,806

470 367.5

920 949.8

374

66

101

200

200

Total RES compensation Total acount inflows Total RES compensation Total acount inflows

2017e 2016

Market pool ETMEAR RES fee Other Deficit



Capacity additions outlook

Going forward we note that based on current legislation wind parks that currently hold installation

and connection licenses but have not been constructed yet but will be constructed and electrified by

the end of 2018 will sign PPAs with guaranteed Feed-in-Tariffs (FiTs). Keeping in mind that all the

major players in the market hold a significant pipeline of licenses parks, we would expect

installations to pick up in 2017-18 in order to take advantage of this. With a total of 1.5GW of

capacity in various licensing stages in the Greek market according to market estimates, we modestly

expect total capacity addition in the next two years to reach about 500-600MW.

In respect of new installations that are not included in the above described group (licensed but not

yet constructed), the framework calls for auctions, based on Feed-in-Premiums (FiP), a framework

that is already being implemented in other countries. Effectively, the Ministry of Energy will tender

specific sites for the erection of wind parks, with the interested parties bidding on the spread over

the SMP. In any case, especially for wind parks we would not expect any immediate auctions at this

point as the market should focus on the utilization of existing licenses.

Chart 6. Wind capacity evolution in Greece

Source: LAGIE, Eletaen, AXIA Research

244.6 276.6 292.8 408.6 480.7

603.1 749.5

850.1 996.6

1155.2 1323.2

1636.6 1751

1865.9 1979

2150.8

2370

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016



M&A trends in RES sector

Recently EDP, the holding company of one of the wind sector leader’s EDPR, launched a takeover

offer for the remaining shares of EDPR (about 23%) taking the only remaining large pure wind play

out of the public market (find more detail in our report EDP launches takeover offer over EDPR).

The RES market has witnessed several similar transactions over the last couple of years as several

European utility companies (likes of Iberdrola, Veolia and ENEL) have also incorporated back their

renewable energy subsidiaries. We understand that utilities, following the aggressive expansion of

the RES sector during the last decade, are now looking to improve their generation profile and

taking advantage of the favorable risk/reward characteristics of the RES business, while at the same

time taking advantage of the of the strong and predictable cash flows of RES projects to improve

their capital structures.

Looking further into the M&A pricing, EDP’s offer came at about 10% premium to the trading price

of EDPR at the time, implying metrics of 28.0x P/E and 9.1x EV/EBITDA. Note that similar take-over

bids by sector companies came at an about 10%-20% premium to the current price trading levels.

More specifically in 2011 Iberdrola offered an implicit premium of 20% on the last 6-month average

price of Iberdrolla Renovables, while at the same period EDF offered a 11% stock price premium

(23% cash premium) for EDF Energies Nouvelles.

Moreover asset rotation transactions in the sector imply an average EV/MW multiple of about 1.4x-

1.5x. To operating asset transactions price in a development risk premium vs. greenfield

investments, allowing developers to realize higher multiples in the private market.

Chart 7. Wind sector peers EV/MW

Source: The Companies, Capital IQ, AXIA Research

2.2 1.8 1.8 1.7 1.6 1.5 1.5

1.4 1.1 1.1 1.0 0.9 0.8

0.4

http://www.axiavg.com/images/pdf/EDPR_Takeover%20offer%20from%20EDP_28%2003%202017.pdf?utm_medium=email&utm_campaign=EDP%20Renovveis%20Takeover%20offer%20from%20EDP%2028%2003%202017%20-%20AXIA%20Research&utm_content=EDP%20Renovveis%20Takeover%20offer%20fro



Updated estimates

Based on our updated capacity expansion plan, we adjust our estimates for Terna Energy

accounting now for a terminal wind capacity of 980MW in 2018 vs. 880MW previously. This moves

our 2017-18 EBITDA estimates higher by 1.5% and 18.8% respectively, while bottom line, affected

by the higher leverage levels for 2017 facilitating US additions, is seen 16.1% lower in 2017 vs.

previous estimates.

When compared to consensus we are about 3.6%-7.0% higher on the revenues and c10% higher on

the EBITDA line for 2017-18, which we attribute to our higher installed capacity estimates. At the

same time the increased leverage burdens our bottom line vs. market estimates.

Table 1a. AXIA updated estimates (new-vs-old) Table 1b. Consensus estimates

EUR m 2016 2017E 2018F Installed Capacity (YE total MW) 763.5 966.9 1,010.9 new-vs-old -7.3% 8.7% RES Revenues 151.0 173.6 200.7 new-vs-old 3.4% 19.1% EBITDA 115.7 134.3 157.6 new-vs-old 1.5% 18.8% Net Income 20.6 26.8 34.4 new-vs-old -16.1% 0.0%

EUR m 2016 2017E 2018F Total revenues 225.5 225.4 246.3 AXIA-vs-cons 3.6% 7.1% EBITDA 115.7 122.6 141.1 AXIA-vs-cons 9.6% 11.7% Net Income 20.6 26.3 40.1 AXIA-vs-cons -12.3% -21.8% Net Debt 503.5 448.0 411.9 AXIA-vs-cons 56.4% 68.3%

Source: AXIA Research, Capital IQ

We expect a 15% y-o-y hike in RES sales in 2017 that are seen at EUR 173.6m. The hike is attributed

to the operation of Agios Georgios 73MW hybrid park for the entire year as well as the operation of

48 additional MW that are expected to be operational in 2H17. A further hike of 16% y-o-y is

expected in 2018 courtesy of the operation of the 155MW Fluvana I park the US in 1H18 and the

44MW in Greece later in the year. In respect of group revenues we model for a stable stream on

trading related income (an activity with minimal profitability), while we pencil in construction

revenues for third parties of about EUR 25m per annum (on minimal profitability). Note that at the

end of 2016 construction activity backlog stood at EUR 52.6m.

On profitability, group EBIBTDA is driven by the new additions that also yield economies of scale,

thus improving margins. For 2016 we estimate a group EBITDA of EUR 134.1m (+16.1% y-o-y), while

we estimate a similar hike in 2018, with group EBITDA seen at EUR 157.6m.

Depreciation and financial expenses are expected to move higher in 2017 affected by new assets

and increased debt levels.

Bottom line is seen growing by almost 24% CAGR in 2016-19 driven by top line growth. Specifically

we expect net profits of EUR 26.6m in 2017 vs. EUR 20.6m in 2016 (+29% y-o-y), while for 2018 net

profits are estimated at EUR 34.3m.

Table 2. Terna Energy forecasts

EUR m 2014 2015 2016 2017E 2018F 2019F 2016-17 y-o-y 2016-19 CAGR

Revenues 158.3 198.6 225.5 233.6 263.7 267.0 3.6% 5.8%

RES 110.4 140.3 151.0 173.6 200.7 209.0 15.0% 11.4%

Construction 35.5 20.2 30.3 25.0 25.0 20.0 -17.5% -12.9%

Energy trading 12.4 26.8 31.5 30.0 33.0 33.0 -4.8% 1.6%

Group EBITDA 80.1 99.3 115.7 134.3 157.6 165.5 16.1% 12.7%

EBITDA margin 50.6% 50.0% 51.3% 57.5% 59.8% 62.0%

RES EBITDA 73.7 97.6 109.0 132.8 156.1 164.1 21.8% 14.6%

RES EBITDA margin 69.5% 72.2% 76.5% 77.8% 78.5% 79.0%

D&A 32.3 36.2 42.5 49.5 57.7 58.8 16.6% 11.4%

Net Financials (31.3) (32.2) (39.4) (42.6) (44.1) (42.0) 7.9% 2.1%

EBT 12.2 30.3 36.3 42.2 55.8 64.7 16.4% 21.3%

Taxes (6.3) (12.9) (14.9) (14.8) (19.5) (22.7) -0.9% 15.0%

Net Income 5.6 16.9 20.6 26.8 34.3 39.1 30.1% 23.7%

DPS - 0.09 0.09 0.13 0.15 0.26 44.4% 42.4%



Payout ratio - 56.7% 46.0% 51.0% 45.0% 70.0%

Source: AXIA Research, The Company

In respect of depreciation note that currently Terna Energy uses a 20y average lifetime assumption

for its wind parks. Extensive industry studies have allowed major wind park developers over the last

couple of years to extend the average estimated lifetime of their wind parks by 5 years. If Terna

Energy was to proceed with a similar 5 year extension, we estimate that depreciation charge would

decline by about EUR 10m per annum, moving our bottom line assumptions higher by about 15%-

20%.

In respect of dividend policy, despite the demanding capex in 2017 to facilitate the final round of

additions, the organic cash flows allow management to increase distribution to shareholders. We

model for a DPS of EUR 0.13/sh (yielding about 4.0%) vs. EUR 0.09/sh in 2015-16. We highlight

though that upon the completion of the investment cycle, the management is expected to have the

capacity to upscale dividend distribution to high single digit yields. Note that we model a 2016-19

DPS CAGR of 35.6%.

Capex in 2017 is expected to hike to EUR 250m vs. EUR 145m in 2016 and EUR 86m in 2014. The

capex should account for the bulk of the investment in Fluvana I park plus a big part of the 44MW in

Greece coming online in 2018.

In respect of WC, in 2016 delays in the settlement of the RES account of the Greek electricity pushed

WC higher. As we discussed previously, following the adoption of a new legislative framework we

would expect this to revert within 2017, with the company realizing a decline in WC of about EUR

30m in 2017 vs. an increase of EUR 78m in 2016.

Reported net debt at the end of 2016 stood at EUR 503m vs. EUR 319.3m in 2015, with net

debt/EBITDA mark at 4.4x vs. 3.2x in the previous year. Note that if we exclude the EUR 87m of cash

grants the company is deemed to return in the next couple of years (as the designated projects did

not go ahead) 2016 net debt/EBITDA stands at 5.1x.

Given the demanding capex in 2017, we estimate net debt to peak at about EUR 700m in 2017-18

accounting also for the gradual return of the aforementioned grants. At this point, the group’s

leverage is estimated at 5.2x EBITDA for 2017. We have to note that almost the entire debt of the

company is project based financing, not burdening the holding company with specific covenants.

After 2017 leverage is expected to swiftly subside driven by strong organic profitability, with net

debt/EBITDA at 4.4x in 2018 and 3.8x in 2019, while accounting for a hefty dividend policy (2018-19

payout at 50%-60%).

Table 3. Terna Energy FCF and leverage estimates

EUR m 2016 2017e 2018f 2019f 2020f

EBIT 73.3 84.8 100.1 107.2 107.8

D&A 42.5 49.5 57.5 58.2 58.8

Other Items (18.0) (40.0) (47.0) - -

Capex (145.5) (251.0) (20.9) (10.0) (10.0)

Change in WC (78.6) 32.1 (1.0) (3.6) -

Taxes (9.4) (14.8) (19.6) (22.8) (23.6)

Unlevered FCF (135.7) (139.3) 69.0 129.0 133.0

Net financials (39.7) (42.6) (44.1) (42.0) (40.4)

Levered FCF (175.4) (181.9) 24.9 87.0 92.6

Dividend (8.7) (14.0) (17.2) (23.6) (28.6)

Change in Net Debt (Increase)/Decrease (184.1) (195.9) 7.7 63.4 64.0

Net Debt 503.5 697.8 690.1 626.7 563.1

Net Debt/EBITDA 4.4 x 5.2 x 4.4 x 3.8 x 3.4 x

Source: AXIA Research, The Company



Valuation

Following our revised estimates we raise our target price on Terna Energy to EUR 4.50/sh, from

EUR 3.70/sh previously. At our target price the stock is offering a 41.2% upside from current

levels, while if we account for the 2017 estimated dividend yield of 4.2%, total upside reaches

45%.

Our DCF valuation takes into account the additions in 2017-18, with the respective capex

deployment, while we make explicit forecasts up to 2026 (10 year) using an exit EV/EBITDA multiple

of 5.5x. Our WACC is now adjusted lower vs. previously to 9.5% (vs. 11% before) accounting for a

lower risk free rate following the GGB’s performance. Note we also account for the return of the

EUR 87m of cash grants.

Table 4. Terna Energy DCF Valuation

EUR m 2017 2018 2018 2020 2021 2022 2023 2024 2025 2026 2026 EBITDA 134.3 157.6 165.5 166.6 166.7 166.8 166.9 167.0 167.1 167.2 167.3

Income tax (14.8) (19.6) (22.8) (23.6) (25.9) (26.9) (27.9) (29.2) (29.5) (30.1) (30.7) Capex (251.0) (20.9) (10.0) (10.0) (10.0) (10.0) (10.0) (10.0) (10.0) (10.0) (10.0) WC changes 32.1 (1.0) (3.6) (0.4) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)

FCF (99.3) 116.0 129.0 132.6 130.7 129.8 128.9 127.7 127.5 127.0 126.5

NPV of FCF (99.3) 106.0 107.6 101.0 90.9 82.5 74.8 67.7 61.7 56.1 51.1 Sum of NPVs 699.9

Terminal Value 361.2

EV 1,061.1

Net Debt (end-2016) 503.5

Grant liabilities 87.1

NAV 470.5

Num of shares* 105.3

TP (€/share) 4.50

Current Price 3.18

Upside 41.5%

*excluding treasury shares. Source: AXIA Research

Table 5a. Targeted valuation metrics

Table 5b. WACC

2017 2018 2019 Assumptions

P/E (x) 17.5 13.7 11.9 Risk free 6.50%

EV/EBITDA (x) 7.9 6.7 6.4 Market risk 6.50%

EV/MW (x) 1.10 1.05 1.05 Beta 1.6

organic FCF yield* 14.7% 9.7% 20.6% Cost of debt (pre tax) 6.5%

Div. yield 3.0% 3.7% 5.0% Debt/Capital 60% *exc. expansion capex Source: AXIA Research

In respect of trading multiples, on P/E terms Terna Energy trades at 12.5x-9.7x in 2017-18, standing

at about 50% discount to peers (22.3x-19.6x respectively). On EV/EBITDA terms, the company trades

at 7.7x-6.5x for 2017-18, down by about 15% to the industry that trades at 8.8x-7.7x for the same

period.

Our target price implies rather attractive multiples for the company, with TE trading at 6.4x

EV/EBITDA in 2019 and a dividend yield of 5.0%.



Table 6. AXIA Research global wind sector peers

Mcap

P/E

EV/EBITDA

P/BV

Net Debt/EBITDA

Div. Yield

Capex adj. FCF yield(1)

Company Country (EUR) FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019

El.Tech.Anemos* Greece 100.9 10.8 6.7 6.7 7.4 6.0 6.0 0.7 0.6 0.6 4.5 3.2 2.6

18.2% 20.3% 25.4%

Albioma France 536.7 17.0 12.2 12.2 8.6 7.3 7.0 1.4 1.3 1.1 4.8 4.1 4.0 3.3% 4.1% 4.5% 14.0% 24.1% 27.3%

Voltalia SA France 459.3 42.2 20.0 11.3 11.2 7.2 5.0 1.2 1.2 1.1 6.2 6.3 5.1 0.4% 0.9% 2.4% 4.1% 4.3% 13.8%

Falck Renewables S.p.A. Italy 336.9 33.9 29.2 16.0 6.9 6.6 5.9 0.8 0.8 0.8 4.6 4.1 3.8 4.6% 5.0% 5.3% 8.6% 26.2% 29.0%

Saeta Yield, S.A. Spain 745.0 18.3 17.8 17.3 8.8 9.3 9.3 1.4 1.6 1.6 5.1 5.0 4.6 8.5% 9.0% 9.0% 0.1% 22.9% 15.4%

EDP Renováveis, S.A.* Spain 6,125.3 32.1 28.6 23.9 8.6 8.0 7.5 1.1 1.0 0.9 3.0 2.9 2.9 0.9% 1.0% 1.2% 10.7% 12.3% 16.8%

Energiekontor AG Germany 277.3 18.8 18.8 15.2 6.1 5.7 4.9 3.7 3.5 3.2 2.2 2.8 3.9 4.1% 4.2%

10.6% 15.6% 15.8%

CHORUS Clean Energy AG Germany 360.7 15.5 15.1

9.4 9.3

1.3 1.1

4.7 3.8

3.2% 3.3%

Atlantica Yield plc UK 1,859.3 16.9 22.5 12.1 9.7 9.2 8.7 1.2 1.1 1.0 7.0 6.6 6.7 6.8% 9.4% 10.5% 9.5% 23.7% 23.7%

Arise AB (publ) Sweden 54.2

10.4 9.0 8.4 6.2 5.6 0.5 0.5 0.5 7.3 4.9 3.8

24.6%

6.5%

NextEra Energy Partners, LP US 1,679.2 21.9 19.7 13.2 7.3 6.0 5.0 2.4 2.5 2.3 5.3 4.8 4.3 4.9% 5.6% 6.5% 21.6% 36.8% 47.5%

Pattern Energy Group Inc. US 1,747.3

39.6 29.2 11.7 10.0 8.6 2.1 1.2 1.9 5.4 4.7 4.5 8.5% 9.2% 9.9%

19.5% 19.5%

TransAlta Renewables Inc. Canada 2,302.4 17.5 14.5 13.1 10.3 9.6 10.0 1.7 1.6 1.8 2.3 2.1 2.5 8.8% 9.2% 9.5% 23.5% 14.9% 0.4%

Average

22.3 19.6 14.9 8.8 7.7 7.0 1.5 1.4 1.4 4.8 4.3 4.1 4.9% 7.1% 6.5% 11.6% 20.1% 21.3%

Terna Energy S.A. Greece 335.0 12.5 9.7 8.5 7.7 6.5 5.8 0.9 0.8 0.8 5.2 4.4 3.8 4.2% 5.1% 7.1% 20.6% 13.7% 29.0%

*AXIA Research estimates, Source: AXIA Research, Capital IQ, (1) FCF excluding expansion Capex



Appendix

US wind market highlights

In 2016, the US wind industry installed 8,203 megawatts (MW), raising the total installed capacity in

the country to 82,143 MW. Wind was the leading technology in new power plant installations in the

US in 2015, accounting for 41% of new installed capacity. Since 2007 the US wind capacity increased

by 57.2 GW, reaching 82.1 GW at the end of 2016, growing at c23% CAGR.

In 2016 67 GW of newly proposed wind projects were added to interconnection queues in 2016, the

largest since the addition of 67.3 GW in 2009. This brings total wind capacity in the queues to 136.8

GW, the highest level in 5 years.

Importantly a number of proposed interregional Direct Current transmission lines have now also

cleared final permitting hurdles. In total, transmission projects that could support the delivery of

nearly 52,000 MW of wind energy over the next 5 years are currently under development, though

not all are likely to be built.

It is also important to note the future impact of Environmental Protection Agency’s (EPA) Clean

Power Plan (CPP) released on August 2015, under which States must put in place regulations to meet

strict CO2 reduction goals starting in 2022. The tax incentives’ extension of late 2015 favors

compliance with the CPP using cheaper renewable technologies like wind and solar, further

supporting the growth of these technologies.

According to the American Wind Energy Association (AWEA) demand from corporate buyers and

other emerging wind energy customers is growing exponentially in the US. Traditionally, utilities buy

the largest amount of wind energy production but demand from corporations represents a new

lucrative market. In 2016, the share of capacity contracted for by non-utility purchasers stood at 50%

(vs.c50% in 2016 and 23% in 2014 and 5% in 2013), on the back of competitive pricing, long-term

visibility of the contracts (25-years) and the green incentives for corporations.

At the federal level, a number of forms of support are available, such as: tax incentives (the

production tax credit and the investment tax credit, which were extended in December 2015 for 5

years with bipartisan support), accelerated depreciation and federal subsidies. At each State level,

the main approach is the Renewable Portfolio Standard (RPS) mechanism, consisting of mandatory

percentages of generation from RES for utilities. Most States have adopted systems of tradable

certificates (Renewable Energy Certificates (REC)), whose prices depend on the regional

supply/demand equilibrium in the relevant market.

Chart 7a.US: Share of Power Capacity additions in 2015 Chart 7b. US wind energy share of electricity generation

Source: AWEA U.S. Wind Industry Annual Market Report

Wind, 41.00%

Natural Gas, 28.10%

Solar, 28.50%

Petroleum, 0.10%

Other Nonrenewables,

0.80%

Other Renewables

(bio, geo,hydro), 1.50%



Detailed Financials

Income Statement 2013 2014 2015 2016 2017e 2018f 2019f

Revenues 139.6 158.3 198.6 225.5 233.6 263.7 267.0

(-)COGS (54.8) (67.3) (84.2) (98.5) (85.7) (92.6) (88.0)

Gross Profit 84.8 90.9 114.4 127.0 147.8 171.1 179.0

Other Expenses (14.8) (10.9) (15.1) (11.3) (13.5) (13.5) (13.5)

EBITDA 69.9 80.1 99.3 115.7 134.3 157.6 165.5

EBITDA margin 50.1% 50.6% 50.0% 51.3% 57.5% 59.8% 62.0%

adj. EBITDA 76.9 84.4 102.8 115.7 134.3 157.6 165.5

Depreciation 27.6 32.3 36.2 42.5 49.5 57.5 58.2

EBIT 35.3 43.5 62.6 73.3 84.8 100.1 107.2

Other

Net Financia ls (25.4) (31.3) (32.2) (39.4) (42.6) (44.1) (42.0)

Interest Expense

EBT 9.9 12.2 30.3 36.3 42.2 56.0 65.2

Income Tax (5.5) (6.3) (12.9) (14.9) (14.8) (19.6) (22.8)

EAT 4.4 5.8 17.3 21.4 27.4 36.4 42.4

Minori ties (0.3) (0.3) (0.4) (0.7) (0.6) (2.0) (3.0)

Net Income 4.1 5.6 16.9 20.6 26.8 34.4 39.4

EPS 0.0 0.1 0.2 0.2 0.3 0.3 0.4

Declared Dividend (Tota l ) 0.0 0.0 9.6 9.5 14.0 17.2 23.6

DPS 0.0 0.0 0.1 0.1 0.1 0.2 0.2

Balance Sheet 2013 2014 2015 2016 2017e 2018f 2019f

Total Fixed assest 799.4 837.5 889.6 998.2 1,193.8 1,153.9 1,102.5

Investments 8.9 7.8 9.0 17.2 17.2 17.2 17.2

Other 14.7 15.8 21.0 28.2 28.2 28.2 28.2

Total non-current assets 823.0 861.1 919.7 1,045.1 1,239.2 1,199.3 1,147.9

Inventories 4.0 2.5 2.9 4.1 4.1 4.1 4.1

Receivables 136.9 107.9 147.2 224.0 173.2 173.4 175.5

Other 0.0 0.0 8.9 0.0 0.0 0.0 0.0

Cash and equiva lent 124.6 168.8 143.6 164.4 120.0 127.7 191.2

Total current assets 265.5 279.1 302.6 392.5 297.3 305.2 370.7

Total Assets 1,088.5 1,140.3 1,222.3 1,437.6 1,536.5 1,504.5 1,518.6

Share Capita l 271.20 261.88 252.04 252.04 252.04 252.04 252.04

Other 32.9 27.2 34.0 40.3 40.3 40.3 40.3

Retained earnings 44.3 46.1 55.9 56.5 69.4 86.6 102.3

Minori ty rights 2.6 3.0 4.9 6.4 7.0 9.0 12.0

Total Equity 351.0 338.2 346.8 355.2 368.7 387.9 406.7

Interest bearing Bonds and loans 295.2 324.9 393.6 567.2 747.5 747.5 747.5

Other non-current l iabi l i ties 317.6 325.0 306.5 236.3 190.4 140.1 136.9

Total non-current liabilities 612.8 650.0 700.1 803.5 937.8 887.5 884.4

Trade and other payables 25.4 21.6 26.5 49.3 30.5 29.7 28.2

Short term borrowings 36.9 67.3 51.4 5.4 5.4 5.4 5.4

Current portion of debt 34.7 31.1 41.0 95.3 65.0 65.0 65.0

Other current l iabi l i ties 27.7 32.1 56.3 129.0 129.0 129.0 129.0

Total current liabilities 124.7 152.1 175.4 278.9 229.9 229.1 227.6

Total Equity and Liabilities 1,088.5 1,140.3 1,222.3 1,437.6 1,536.5 1,504.5 1,518.6

Cash Flow 2013 2014 2015 2016 2017e 2018f 2019f

EBT 9.9 12.2 30.3 36.3 42.2 56.0 65.2

Non-Cash Adjustments 60.3 62.6 73.5 80.0 93.6 101.6 100.2

WC Changes (20.4) (8.4) (33.0) (78.6) 32.1 (1.0) (3.6)

Income tax pa id (5.7) (7.1) (7.7) (9.4) (14.8) (19.6) (22.8)

Net Cash from operating activities 44.1 66.3 63.0 28.2 153.2 136.9 139.0

Capex (36.0) (58.1) (85.9) (145.5) (251.0) (20.9) (10.0)

Other investing 95.7 53.5 (8.9) 10.7 (38.0) (44.5) 3.0

Change in debt (51.8) 31.3 55.8 173.9 150.0 - -

Net Interest pa id (23.3) (23.8) (37.1) (34.5) (44.6) (46.6) (45.0)

Dividends Pa id - - (0.3) (8.7) (14.0) (17.2) (23.6)

Other (30.5) (17.9) (11.2) (5.0) - - -

Net increase/(decrease) in cash and equivalent (2.1) 51.2 (25.2) 20.8 (44.4) 7.7 63.4

Year start cash 126.7 124.6 168.8 143.6 164.4 120.0 127.7

End year cash 124.6 175.8 143.6 164.4 120.0 127.7 191.2

Source: Terna Energy, AXIA Research



Per share data 2013 2014 2015 2016 2017e 2018f 2019f

EPS 0.04 0.05 0.16 0.20 0.25 0.33 0.37

BVPS 3.24 3.10 3.25 3.37 3.50 3.68 3.86

DPS - - 0.09 0.09 0.13 0.16 0.22

Valuation ratios 2013 2014 2015 2016 2017e 2018f 2019f

P/E 101.3 x 36.9 x 15.5 x 14.4 x 12.5 x 9.7 x 8.5 x

EV/EBITDA 9.4 x 5.7 x 5.9 x 6.9 x 7.7 x 6.5 x 5.8 x

EV/EBIT 18.6 x 10.6 x 9.3 x 10.9 x 12.2 x 10.2 x 9.0 x

EV/Sales 4.7 x 2.9 x 2.9 x 3.5 x 4.4 x 3.9 x 3.6 x

P/BV 1.2 x 0.6 x 0.8 x 0.8 x 0.9 x 0.9 x 0.8 x

Div. yield 0.0% 0.0% 3.7% 3.2% 4.2% 5.1% 7.1%

FCF yield % 15.9% 7.6% -23.0% -59.3% -54.3% 7.4% 26.0%

ROCE 3.1% 3.8% 4.7% 5.0% 5.4% 6.3% 6.5%

ROE 1.1% 1.6% 4.9% 5.9% 7.4% 9.1% 9.9%

ROIC 9.9% 13.7% 16.6% 19.8% 21.7% 24.1% 29.1%

Growth rates 2013 2014 2015 2016 2017e 2018f 2019f

Revenues 12.6% 13.4% 25.5% 13.5% 3.6% 12.9% 1.3%

EBITDA 31.9% 14.5% 24.0% 16.5% 16.1% 17.3% 5.0%

EBIT 1.2% 23.3% 43.8% 17.2% 15.6% 18.1% 7.1%

EBT -49.0% 23.0% 148.7% 19.8% 16.4% 32.6% 16.5%

Net Income -71.1% 35.4% 205.1% 21.8% 30.1% 28.1% 14.6%

Profitability ratios 2013 2014 2015 2016 2017e 2018f 2019f

Gross margin 60.7% 57.5% 57.6% 56.3% 63.3% 64.9% 67.0%

EBITDA margin 50.1% 50.6% 50.0% 51.3% 57.5% 59.8% 62.0%

EBIT margin 25.3% 27.5% 31.5% 32.5% 36.3% 38.0% 40.2%

Net Income margin 2.9% 3.5% 8.5% 9.1% 11.5% 13.0% 14.8%

Leverage Ratios 2013 2014 2015 2016 2017e 2018f 2019f

LT Debt / Tota l Capita l i ztion 79.4% 173.7% 165.6% 223.8% 242.5% 242.5% 242.5%

Total Debt / Tota l Capita l i zation 88.3% 206.6% 185.2% 225.6% 244.1% 244.1% 244.1%

Net Debt/EBITDA 3.46 x 3.18 x 3.22 x 4.35 x 5.20 x 4.38 x 3.79 x

FFO / Tota l Debt 8.6% 8.9% 10.9% 9.4% 9.3% 11.2% 11.9%

Gearnig (Tota l debt / Debt+Equity) 51.1% 55.6% 58.4% 65.3% 68.9% 67.8% 66.8%

Net Debt / Equity 69.0% 75.3% 92.1% 141.7% 189.3% 177.9% 154.1%

Coverage Ratios 2013 2014 2015 2016 2017e 2018f 2019f

FFO Interest Coverage ((FFO + Int.) / Int.) 2.25 x 2.21 x 2.65 x 2.60 x 2.79 x 3.08 x 3.33 x

Pretax Interest Coverage (EBIT / Int.) 1.39 x 1.39 x 1.95 x 1.86 x 1.99 x 2.27 x 2.55 x


EUR m 2013 2014 2015 2016 2017e 2018f 2019f

Sales 139.60 158.25 198.62 225.49 233.56 263.66 266.99

adj. EBITDA 76.92 84.38 102.78 115.70 134.32 157.59 165.46

margin 55.10% 53.32% 51.74% 51.31% 57.51% 59.77% 61.97%

EBIT 35.30 43.51 62.58 73.32 84.79 100.10 107.23

EBT 9.89 12.17 30.28 36.27 42.22 55.99 65.25

Net 4.10 5.55 16.94 20.63 26.84 34.39 39.41

2013 2014 2015 2016 2017e 2018f 2019f

EV / Sales 4.7 x 2.9 x 2.9 x 3.5 x 4.4 x 3.9 x 3.6 x

EV / EBITDA 9.4 x 5.7 x 5.9 x 6.9 x 7.7 x 6.5 x 5.8 x

P/E 101.3 x 36.9 x 15.5 x 14.4 x 12.5 x 9.7 x 8.5 x

Diluted EPS 0.04 0.05 0.16 0.20 0.25 0.33 0.37

Div. yield 0.00% 0.00% 3.66% 3.20% 4.17% 5.13% 7.06%

DPS (EUR) 0.0 0.0 0.1 0.1 0.1 0.2 0.2




Disclosures

General information This research report was prepared by AXIA Ventures Group Limited, a company incorporated under the laws of Cyprus (referred to herein, together with its subsidiary companies and affiliates, collectively, as “AXIA”) which is authorised and regulated by the Cyprus Securities and Exchange Commission (authorisation number 086/07). AXIA is authorized to provide investment services in the United Kingdom, Cyprus, Greece and in Portugal pursuant to its permissions under the Markets in Financial Instruments Directive and may also provide similar services in other countries, inside or outside of the European Union, subject to the applicable provisions. AXIA Ventures Group Limited is not a registered broker-dealer in the United States (U.S.), and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. In the U.S., this research report is intended solely for persons who meet the definition of “major U.S. institutional investors” in Rule 15a-6 under the U.S. Securities and Exchange Act, as amended, or persons listed under Rule 15a-6(4)) and is meant to be disseminated only through “Axia Capital Markets LLC”, a wholly owned subsidiary of AXIA Ventures Group Limited and associated US registered broker-dealer in accordance with Rule 15a-6 of the US Securities and Exchange Act. Content of the report The persons in charge of the preparation of this report, the names of whom are disclosed below, certify that the views and opinions expressed on the subject security, issuer, companies or businesses covered by this research report (each a “Subject Company” and, collectively, the “Subject Companies”) are their personal opinions and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Whilst all substantial sources of information for the research are indicated in this report, including, without limitation, bases of valuation applied to any security or derivative security, such information has not been disclosed to the Subject Companies for their comments and no such information is hereby certified. All information contained herein is subject to change at any time without notice. No member of AXIA has an obligation to update, modify or amend this research report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the Subject Company is withdrawn. Further, past performance is not indicative of future results. Persons responsible for this report: Argyrios Gkonis (Analyst), Constantinos Zouzoulas (Head of research). Key Definitions

AXIA Research 12-month rating*

Buy The stock to generate total return** of and above 10% within the next 12-months

Neutral The stock to generate total return**between -10% and 10% within the next 12-months

Sell The stock to generate total return** of and below -10% within the next 12 months

Under Review Stock’s target price or rating is subject to possible change

Restricted Applicable Laws / Regulation and AXIA Ventures Group Limited policies might restrict certain types of communication and investment recommendations

Not Rated There is no rating for the company by AXIA Ventures Group Limited

* Exceptions to the bands may be granted by the Investment Review Committee of AXIA taking into account specific characteristics of the Subject Company **Total return: % price appreciation equals percentage change in share price from current price to projected target price plus projected dividend yield.

Rating history for Terna Energy S.A.

Date Rating Share Price (EUR) Target Price (EUR)

11/03/2014 Buy 4.58 6.00

24/03/2015 Buy 2.27 4.00

19/04/2016 Buy 2.71 3.70

08/05/2017 Buy 3.18 4.50



AXIA Ventures Group Limited Rating Distribution as of today

Coverage Universe Count Percent Of which Investment

Banking Relationships Count Percent

Buy 11 61% 1 1 6%

Neutral 2 11%

Sell

Restricted

Not Rated

Under Review 5 28%

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