【出版时间及名称】：2010年1月全球风电行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：56
        【目录或简介】：
We believe that sector weakness in the
run up to the Copenhagen Climate
Change Conference and more recently
due to US market uncertainties has
created good investment opportunities
in all sections of the value chain
􀀗 In particular, we like the wind farm
developers as they offer good, solid
earnings growth, despite short-term
uncertainty in some markets, with some
downside protection
􀀗 We upgrade EDP Renovaveis to OW(V)
on an unchanged EUR8 target price. We
slightly reduce our target for Iberdrola
Renovables from EUR4.2 to EUR4 but
reiterate our OW(V) rating. Acciona, our
favourite stock, remains OW(V) with a
EUR115 target, and EDF EN stays
Neutral (V) with a EUR40 target
Defensive value in wind farm developers
The wind sector was weak in Q4 due to the uncertainty
surrounding a global deal on climate change at COP15 in
Copenhagen, and over US legislation on renewables. We
look beyond this short-term uncertainty, believing that most
of this bad news is discounted, creating good investment
opportunities in all sections of the value chain. In particular,
we like the wind farm developers as these stocks offer good,
solid earnings growth, despite short-term uncertainty in
some markets, and some downside protection.
Our favourite stock is Acciona. We do not yet include a value
for its pipeline in our EUR115 target price (whereas we do for
the other wind farm developers we cover). Adding our rough
valuation of EUR30 per share, based on a peer comparison,
would give a fair value of EUR145 (c58% upside).
EDP Renovaveis (EDPR) has underperformed its local
market (and peers) over the last six months. We upgrade
EDPR to Overweight (V) from Neutral (V) on an unchanged
EUR8 target price.