DOCSLIB.ORG

EUROPEAN RENEWABLES: EQUITY RESEARCH 13 January 2010

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ler0705_renewables cover_2010 outlook_jan 10_final.qxp 12/01/2010 21:30 Page 1 EUROPEAN RENEWABLES:EUROPEAN OUTLOOK 2010 EQUITY RESEARCH 13 January 2010 EUROPEAN RENEWABLES: 2010 OUTLOOK COMING OF AGE Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This research report has been prepared in whole or in part by research analysts based outside the US who are not registered/qualified as research analysts with FINRA. PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 338. Barclays Capital | European Renewables: 2010 Outlook CONTENTS EXECUTIVE SUMMARY 3 EUROPEAN RENEWABLES – CONVERTIBLES 13 RECOMMENDATION CHANGES 16 RECENT COMPANY VISITS 19 EUROPEAN RENEWABLES BENCHMARKING 27 RENEWABLES HEALTH OUTLOOK 40 HISTORICAL VALUATION 44 CONCENTRATING SOLAR THERMAL 48 GLOBAL SECTOR VIEW 52 CARBON: THE EU ETS: THE ONLY WAY IS FLAT 54 APPENDIX 1: BENCHMARKING 59 APPENDIX 2: EUROPEAN RENEWABLES VALUATION MODEL 62 COMPANIES SECTION 64 13 January 2010 1 Barclays Capital | European Renewables: 2010 Outlook Summary of our Rating, Price Target and Earnings Changes in this Report (all changes are shown in bold) Company Rating Price Price Target EPS FY1 (E) EPS FY2 (E) Old New 11-Jan-10 Old New %Chg Old New %Chg Old New %Chg European Renewables: Energy Efficiency 2-Neu 2-Neu Abengoa SA (ABG SQ / ABG.MC) 2-EW 1-OW 23.30 20.00 28.50 42 1.52 1.91 26 2.38 2.65 11 AMG Advanced Metallurgical Group NV (AMG NA / AMG.AS) 3-UW 3-UW 9.37 4.00 5.00 25 -1.49 -1.49 - 0.95 0.95 - Outotec Oyj (OTE1V FH / OTE1V.HE) 1-OW 1-OW 25.76 30.00 32.50 8 1.17 1.17 - 1.29 1.29 - European Renewables: Solar 1-Pos 1-Pos centrotherm photovoltaics AG (CTN GR / CTNG.DE) 1-OW 1-OW 45.33 43.00 47.50 10 1.89 1.89 - 3.33 3.33 - Conergy AG (CGY GR / CGYG.DE) 2-EW 2-EW 0.87 0.46 0.75 63 -0.21 -0.21 - -0.03 -0.03 - Manz Automation AG (M5Z GR / M5ZG.F) 3-UW 3-UW 65.11 25.00 55.00 120 -1.68 -2.10 -25 0.91 1.30 43 Meyer Burger Technology AG (MBTN SW / MBTN.S) 2-EW 2-EW 271.50 78.00 250.00 221 10.22 7.14 -30 15.73 10.47 -33 Phoenix Solar AG (PS4 GR / PS4G.F) 1-OW 1-OW 42.98 43.00 50.00 16 3.31 1.57 -53 4.15 3.78 -9 PV Crystalox Solar PLC (PVCS LN / PVCS.L) 3-UW 1-OW 0.68 0.55 0.80 45 0.08 0.08 - 0.08 0.07 -12 Q-Cells SE (QCE GR / QCEG.F) 2-EW 2-EW 12.59 11.00 10.50 -5 -9.16 -9.16 - 0.20 0.15 -25 Renewable Energy Corp. ASA (REC NO / REC.OL) 1-OW 1-OW 40.85 80.00 70.00 -12 -0.94 -0.99 -5 2.03 1.92 -5 Roth & Rau AG (R8R GR / R8RG.F) 2-EW 2-EW 32.20 20.50 30.00 46 1.11 1.11 - 1.23 1.34 9 SMA Solar Technology AG (S92 GF / S92G.F) 1-OW 1-OW 97.10 90.00 125.00 39 4.26 4.26 - 4.19 4.93 18 Solar Millennium AG (S2M GR / S2MG.F) 2-EW 2-EW 44.22 20.00 35.00 75 2.28 2.42 6 3.35 3.09 -8 Solaria Energia y Medio Ambiente S.A. (SLR SM / SLRS.MC) 3-UW 3-UW 2.85 2.10 2.10 - 0.40 0.20 -50 0.28 0.17 -39 SolarWorld AG (SWV GR / SWVG.F) 2-EW 2-EW 16.36 15.10 15.50 3 0.85 0.85 - 0.97 0.97 - Solon SE (SOO1 GR / SOOG.F) 3-UW 3-UW 8.42 7.00 6.50 -7 -4.48 -10.13 -126 1.06 -0.85 -180 Wacker Chemie AG (WCH GR / WCHG.DE) 1-OW 1-OW 120.05 145.00 145.00 - 3.01 0.16 -95 8.90 7.90 -11 European Renewables: Wind 1-Pos 1-Pos Acciona SA (ANA SQ / ANA.MC) 2-EW 2-EW 95.63 100.00 105.00 5 20.12 20.89 4 3.63 4.65 28 Clipper Windpower PLC (CWP LN / CWPR.L) 2-EW 2-EW 1.75 2.00 1.95 -3 -0.52 -1.10 -112 -0.31 -0.30 3 EDF Energies Nouvelles S.A. (EEN FP / EEN.PA) 3-UW 2-EW 38.47 26.00 36.00 38 1.06 0.96 -9 0.92 0.83 -10 EDP Renovaveis S.A. (EDPR PL / EDPR.LS) 1-OW 1-OW 6.97 8.75 8.25 -6 0.14 0.18 29 0.27 0.24 -11 Gamesa Corporacion Tecnologica S.A. (GAM SM / GAM.MC) 1-OW 2-EW 12.64 19.00 14.00 -26 0.86 0.68 -21 1.28 0.91 -29 Greentech Energy Systems A/S (GES DC / G3E.CO) 3-UW 3-UW 24.60 17.50 16.00 -9 0.54 -5.62 -1141 0.54 0.66 22 Hansen Transmissions International N.V. (HSN LN / HSNT.L) 1-OW 1-OW 1.10 1.40 1.30 -7 0.01 0.00 -100 0.05 0.07 40 Iberdrola Renovables S.A. (IBR SM / IBR.MC) 2-EW 1-OW 3.43 3.30 3.95 20 0.10 0.10 - 0.11 0.13 18 Nordex AG (NDX1 GF / NDXGk.F) 2-EW 2-EW 11.25 13.75 13.00 -5 0.35 0.35 - 0.47 0.47 - REpower Systems AG (RPW GR / RPWGn.DE) 2-EW 2-EW 146.75 110.00110.00 - 5.33 5.11 -4 6.24 6.37 2 Suzlon Energy Limited (SUEL IN / SUZL.BO) 2-EW 1-OW 94.75 55.00 125.00 127 7.97 0.79 -90 8.49 6.19 -27 Terna Energy SA (TENERGY GA / TENr.AT) 2-EW 2-EW 6.60 4.25 5.75 35 0.17 0.17 - 0.28 0.18 -36 Theolia S.A. (TEO FP / TEO.PA) 2-EW 2-EW 3.47 2.50 2.75 10 -0.43 -0.13 70 -0.26 -0.23 12 Vestas Wind Systems A/S (VWS DC / VWS.CO) 1-OW 1-OW 327.60 565.00 540.00 -4 2.82 2.82 - 3.58 3.16 -12 Source: Barclays Capital Share prices and target prices are shown in the primary listing currency and EPS estimates are shown in the reporting currency. FY1(E): Current fiscal year estimates by Barclays Capital. FY2(E): Next fiscal year estimates by Barclays Capital. Stock Rating: 1-OW: 1-Overweight 2-EW: 2-Equal Weight 3-UW: 3-Underweight RS: RS-Rating Suspended Sector View: 1-Pos: 1-Positive 2-Neu: 2-Neutral 3-Neg: 3-Negative 13 January 2010 2 Barclays Capital | European Renewables: 2010 Outlook EXECUTIVE SUMMARY Rupesh Madlani The European Renewables team is pleased to present our 2010 Outlook which contains our +44 (0)20 313 47503 key stock ideas for 2010, recommendation changes, valuation analysis, benchmarking [email protected] review, an update of our proprietary Renewables Health Outlook (our 6-12 month lead Barclays Capital, London indicator), summary of Concentrating Solar Thermal and our Knowledge Pages for each company. Arindam Basu We outline below our stock recommendations for 2010 and our recommendation changes +44 (0)20 313 47216 for the year. Our key stocks for 2010 have average upside potential to their price target of [email protected] 33.6% and reflect our conviction in these for the full year. Our investment selection process Barclays Capital, London to select these names is based upon own valuation and benchmarking of our entire coverage universe, individual meetings with 15 companies in November (including four Julien Roques CEOs and seven CFOs) and also reflects our global co-ordinated approach to renewables +44 (0)20 777 30901 with Europe, Asia and the Americas. We roll forward our valuation model to calendar year [email protected] 2010. In addition, we amend our price target assumptions and EPS forecasts to reflect Barclays Capital, London company expectations and sub sector growth rates for the period from 2010 to 2012. European Renewables recommendation structure Wind Solar Energy Efficiency Wind manufacturers Wind operators UpstreamDownstream Equipment Vestas 1-OW EDP R 1-OW REC 1-OWPhoenix Solar 1-OW Centrotherm 1-OW Outotec 1-OW Hansen 1-OW IBR ↑ 1-OW Wacker 1-OW SMA Solar 1-OW Roth & Rau 2-EW Abengoa ↑ 1-OW Suzlon ↑ 1-OW EDF EN ↑ 2-EW PV Crystalox ↑ 1-OWSolar Millennium 2-EW Meyer Burger 2-EW AMG 3-UW Clipper 2-EW Acciona 2-EW Q-Cells 2-EW Conergy 2-EW Manz 3-UW Nordex 2-EW Terna Energy 2-EW SolarWorld 2-EW Solon 3-UW Repower 2-EW Theolia 2-EW Solaria Energia 3-UW Gamesa ↓ 2-EW Greentech 3-UW Key 2010 Overweight, ↑ upgrade, ↓ downgrade Source: Barclays Capital Key stock recommendations for 2010 We outline our key stock recommendations for 2010. Over 2009, on average the share price for our 1-Overweight recommendations increased by 49.1% against 37.1% for our 2-Equal Weight recommendations and 36.8% for our 3-Underweight recommendations.
Recommended publications
  • EUROHEDGE MEETS… PHILIPPE JABRE by WILL WAINEWRIGHT Capital Opportunities,” Says Jabre

    EUROHEDGE MEETS… PHILIPPE JABRE by WILL WAINEWRIGHT Capital Opportunities,” Says Jabre

    12 COVER FEATURE JABRE CAPITAL PARTNERS EUROHEDGE MEETS… PHILIPPE JABRE BY WILL WAINEWRIGHT capital opportunities,” says Jabre. “We are taking a long-term view, looking The founder of Jabre Capital Partners reveals a new bet on forward to bringing a seasoned ap- blockchain and gives his thoughts on the industry return of proach to investing in this relatively new field.” former recruit Greg Coffey Jabre is far from the only hedge fund veteran eyeing the impact of the new am midway through my alert for the next big trade, the Fran- technology. Brevan Howard co-found- interview with Philippe co-Lebanese manager has set his gaze er Alan Howard has made personal I Jabre when one of his in- firmly on blockchain technology and investments in cryptocurrencies and vestment staff knocks ur- its potential to disrupt established in- related businesses, while Adam Fish- gently on the door. An investment has dustries. er, a macro manager at Soros Fund hit the target share price set by Jabre “Blockchain is quite revolutionary,” Management, has internal approval to and the employee asks for advice. Ja- he says. “The market cap of all these make cryptocurrency trades, according bre – or “PJ” as he is known in the office tokens three years ago was around to Bloomberg. – flicks from interview to trading mode $5bn. It reached a high of $800bn ear- US manager Morgan Creek Capital in an instant and gives instructions. lier this year, which was extraordinary. Management bought Full Tilt, a North The moment is a brief insight into That said, I don’t think the value of the Carolina-based firm seeding crypto- Jabre’s passion for markets, which tokens is important – more the tech- currency businesses, earlier this year.
  • AD-HOC RELEASE Pursuant to Section 15 of the German Securities Trading Act (Wphg)

    AD-HOC RELEASE Pursuant to Section 15 of the German Securities Trading Act (Wphg)

    AD-HOC RELEASE Pursuant to Section 15 of the German Securities Trading Act (WpHG) Phoenix Solar AG sells European O&M business and revises forecast for 2014 Sulzemoos, 6 August 2014 / Phoenix Solar AG (ISIN DE000A0BVU93) has sold its operation and maintenance activities (O&M business) in Europe to SMA Solar Technology AG by way of a contract dated 6 August 2014 (asset deal). The parties agreed to keep the contractual content confidential. The proceeds from the sale are to be used to repay debt and to strengthen the company's core operations. The O&M activities of the company's subsidiaries, particularly in the USA and Asia where O&M is run independently, are not the object of the sales contract and are not affected by the disposal. The validity of the disposal is still contingent on individual prerequisites which are to be fulfilled in the coming weeks. In view of its business performance in the first six months of the current financial year which was characterised above all by considerable delays in planned order intake in the USA, Phoenix Solar AG no longer assumes that the goals targeted for the financial year 2014 can be achieved. The Executive Board has therefore decided to revise the baseline forecast downwards for 2014 as a whole. In the financial year 2014, the company now anticipates a revenue decline for the Group of around 35 to 50 percent compared with the financial year 2013. This corresponds to a revenue corridor of between EUR 70 million and EUR 100 million (2013: EUR 141.2 million).
  • Press Release

    Press Release

    PRESS RELEASE Phoenix Solar AG enlarges its Executive Board Olaf Laber (48) assigned responsibility for new business models and for the regions of Europe and the Middle East Sulzemoos, 19 December 2013 / Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator that is listed in the Frankfurt Stock Exchange's Prime Standard, is enlarging its Executive Board. The Supervisory Board has appointed Olaf Laber (48) to the Executive Board, effective 1 January 2014. Laber will be responsible for the areas of New Business Models, Germany, Europe and the Middle East. Following the successful restructuring of the company, the Supervisory Board and Executive Board are convinced that this reinforcement to management will advance the company on its path to new growth. Olaf Laber has a long track record in international management, particularly in building up new business and sales operations, and has successfully implemented tasks similar to those he will be assuming at Phoenix Solar. With a degree in information management (Diplom- Informationswirt), Laber's last position was as Vice President Emerging Business at Intershop Communications AG in Jena. Prior to this, he worked as Director Business Development for Actian Corporation in Redwood City (USA). About Phoenix Solar AG Phoenix Solar AG, which is based at Sulzemoos, near Munich, Germany, is an internationally operating photovoltaic system integrator. The Group develops, plans, constructs and assumes operational management of large photovoltaic power plants, and is a specialist wholesaler for complete solar electricity systems, solar modules and related equipment. With its subsidiaries on three continents, the company has sold solar modules with an output of well over one gigawatt worldwide since it was founded.
  • Tail Risk Hedging, Anyone? 36 South Capital Advisors Acorn Derivatives Management Corp

    Tail Risk Hedging, Anyone? 36 South Capital Advisors Acorn Derivatives Management Corp

    February 2012 Newsletter Event Details The goal of the Global Volatility Summit (“GVS”) is to educate investors Date. March 6, 2012 about investing in volatility. With the approach of the third annual GVS, we felt it was appropriate to launch a newsletter continuing this mission. Details. A one day summit to educate Leading up to GVS, we have asked industry experts to discuss their thoughts investors on the universe of volatility funds and opinions on the volatility universe. This past year we have seen an and tail hedging managers and discuss the uptick in interest in various strategies available in the volatility space, market environment. namely in relative value and tail risk, and we are keen to ensure investors are kept abreast of the most recent developments in all relevant strategies. Location. Skylight Studio in Soho in New York We believe there is a volatility strategy that can be a suitable component of City. every investor's portfolio. That said, a concerted effort from the volatility community is required to continue to educate investors so they are aware Event Update of the pitfalls and benefits of various strategies available to them. Keynote speakers. We are excited to report We asked Sandy Rattray and Campbell R. Harvey from Man Group to share that General Stanley McChrystal and The their outlook for tail hedging in 2012. Honorable Rahm Emanuel (Mayor of Chicago) will be speaking at the event. Cheers, Global Volatility Summit Managers. The following managers will be speaking at the event. Tail risk hedging, anyone? 36 South Capital Advisors Acorn Derivatives Management Corp.
  • Pressemitteilung Der SMA Technologie AG

    Pressemitteilung Der SMA Technologie AG

    SMA Solar Technology AG – Press Release SMA Solar Technology AG Purchases European O&M Business from Phoenix Solar AG Niestetal/Sulzemoos, August 6, 2014—SMA Solar Technology AG (SMA/FBW: S92) and Phoenix Solar AG today signed a contract for the selling of European operations and maintenance activities (O&M business) from Phoenix Solar to SMA. This transaction sees SMA systematically implementing its growth strategy in the service business. “Operation and maintenance services for PV power plants are an important driver of our growth strategy in the service business. After successfully establishing this business field in North America with 200 MW, we are now looking to develop the high-volume European market for SMA through the acquisition of the O&M business from Phoenix Solar. We will continue to expand our O&M services in Europe and North America and thus benefit from our outstanding expertise and installed basis,” explained SMA Chief Executive Officer Pierre-Pascal Urbon. Since the inverter is a central component in any PV system, many owners and PV system operators regard the leading manufacturer, SMA, as the natural partner of choice for operation and maintenance services. In addition, the O&M business offers sustainable and stable sales and yields for SMA. “It was not an easy decision for us to part with our Ulm-based O&M business. However, in view of our strategic focus on Asia and the USA, providing support for large solar parks in Europe was no longer readily compatible. Seen from this standpoint, the business did not have a strategic perspective. By contrast, we know that the prospects for our European O&M activities are very good with SMA, and that our former customers will continue to receive the best possible support.
  • Press Release

    Press Release

    PRESS RELEASE Phoenix Solar to build Singapore’s largest PV system C M M Marketing Management Pte Ltd, the distribution arm of Sheng Siong Group Ltd, to cover rooftop of its HQ with PV modules Solar PV proves commercial viability in Singapore Sulzemoos, 25 September 2013 / Phoenix Solar Pte Ltd., the Singapore based subsidiary of Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator that is listed on the Prime Standard of the Frankfurt Stock Exchange, will design and construct a photovoltaic (PV) system with a rated capacity of at least 1.2 MWp for C M M Marketing Management Pte Ltd (“CMM”), a wholly-owned subsidiary of mainboard-listed holding company, Sheng Siong Group Ltd (“Sheng Siong”). CMM selected Phoenix Solar to build the PV system on its corporate headquarters and centralised distribution centre at 6 Mandai Link (“CMM Facility”). The PV system will occupy an area of approximately 11’000 m² (or about 118’400 square feet), exploiting its available roof area to the fullest extent. Upon completion within the year, this will be the largest PV system in Singapore. The PV system is expected to start producing green energy by the end of 2013, and supply at least 15 percent of CMM Facility’s electricity consumption. It will also mitigate at least 730 metric tonnes per year of CO2 from Singapore’s gas-fired power stations. “The commercial and environmental returns of this project make it a viable business decision, which will continue to yield benefits for a long time,” affirms Lim Hock Chee, CEO of Sheng Siong.
  • Richest Hedge Funds the World's

    Richest Hedge Funds the World's

    THE WORLD’S DR. BROWNSTEIN’S WINNING FORMULA RICHEST PAGE 40 CANYON’S SECRET EMPIRE HEDGE PAGE 56 CASHING IN ON CHAOS FUNDS PAGE 68 February 2011 BLOOMBERG MARKETS 39 100 THE WORLD’S RICHEST HEDGE FUNDS COVER STORIES FOR 20 YEARS, DON BROWNSTEIN TAUGHT philosophy at the University of Kansas. He special- ized in metaphysics, which examines the character of reality itself. ¶ In a photo from his teaching days, he looks like a young Karl Marx, with a bushy black beard and unruly hair. That photo is now a relic standing behind the curved bird’s-eye-maple desk in Brownstein’s corner office in Stamford, Connecticut. Brownstein abandoned academia in 1989 to try to make some money. ¶ The career change paid off. Brownstein is the founder of Structured Portfolio Man- agement LLC, a company managing $2 billion in five partnerships. His flagship fund, the abstrusely named Structured Servicing Holdings LP, returned 50 percent in the first 10 months of 2010, putting him at the top of BLOOMBERG MARKETS’ list of the 100 best-performing hedge CONTINUED ON PAGE 43 DR. BROWNSTEIN’S By ANTHONY EFFINGER and KATHERINE BURTON WINNING PHOTOGRAPH BY BEN BAKER/REDUX FORMULA THE STRUCTURED PORTFOLIO MANAGEMENT FOUNDER MINE S ONCE-SHUNNED MORTGAGE BONDS FOR PROFITS. HIS FLAGSHIP FUND’S 50 PERCENT GAIN PUTS HIM AT THE TOP OF OUR ROSTER OF THE BEST-PERFORMING LARGE HEDGE FUNDS. 40 BLOOMBERG MARKETS February 2011 NO. BEST-PERFORMING 1 LARGE FUNDS Don Brownstein, left, and William Mok Structured Portfolio Management FUND: Structured Servicing Holdings 50% 2010 135% 2009 TOTAL RETURN In BLOOMBERG MARKETS’ first-ever THE 100 TOP- ranking of the top 100 large PERFORMING hedge funds, bets on mortgages, gold, emerging markets and global LARGE HEDGE FUNDS economic trends stand out.
  • GLG Financials Alternative

    GLG Financials Alternative

    GLG Financials Alternative October 2012 For institutional/professional investor and intermediary use only. Not for public distribution. © Man 2012 The Strategy Alpha vs. beta: performance correlates to sector dispersion not direction. Our clients are not taking a view on Financials GLG Financials Composite performance vs. performance of banks sector GLG Financials Composite performance vs. performance of world stocks Composite GLG Financials GLG GLG Financials Composite FinancialsGLG STOXX 600 Banks MSCI World (EUR Hedged) The strategy offers diversification within Financials but also with respect to global equities © Man 2012 3 Source: GLG Partners LP, data as at 28 September 2012, net of fees. Core strength has always been stock picking The contribution of stock selection reflects the skill of equity specialists in converting stock dispersion into excess return Alpha Beta Hedging Stock Selection represents 99% of the strategy’s Total Gross Returns Net outperformance of Aggregate return from Contribution of net Relative return of index Return from non-linear Return from non- ‘longs’ plus net relative positioning Strategy exposure products used in properties of options equity investments underperformance of within sectors (longs minus shorts) to hedging (time decay, volatility) ‘shorts’ equities © Man 2012 4 Source: GLG Partners LP. Attribution data analyses the period from 1 February 2008 to 28 September 2012. Past performance is not a reliable indicator of future results. Earnings revisions drive share price performance Strategy utilises
  • Glg Investments Plc

    Glg Investments Plc

    GLG INVESTMENTS PLC GLG BALANCED GLG CAPITAL APPRECIATION GLG GLOBAL EQUITY GLG GLOBAL CONVERTIBLE UCITS GLG EUROPEAN EQUITY GLG NORTH AMERICAN EQUITY GLG JAPAN COREALPHA EQUITY GLG UK SELECT EQUITY GLG GLOBAL SUSTAINABILITY EQUITY GLG GLOBAL EMERGING MARKETS EQUITY GLG MENA EQUITY GLG EMERGING ASIA EQUITY GLG EMERGING EUROPE EQUITY GLG FRONTIER MARKETS EQUITY GLG LATIN AMERICAN EQUITY GLG GLOBAL INVESTMENT GRADE BOND (An umbrella fund with segregated liability between sub-funds incorporated as a variable capital investment company in Ireland with registered number 252520 and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. PROSPECTUS INVESTMENT MANAGER GLG PARTNERS LP DATED 18 FEBRUARY 2013 IMPORTANT INFORMATION THIS PROSPECTUS The Directors of GLG Investments plc (“the Company”) whose names appear at page viii accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. This Prospectus may be translated into other languages and such translations shall contain only the same information as this Prospectus. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English text shall prevail and all disputes as to the terms thereof shall be governed by, and construed in accordance with, the law of Ireland.
  • Official Master's Degree in the Electric Power Industry

    Official Master's Degree in the Electric Power Industry

    UNIVERSIDAD PONTIFICIA COMILLAS ESCUELA TÉCNICA SUPERIOR DE INGENIERÍA (ICAI) OFFICIAL MASTER'S DEGREE IN THE ELECTRIC POWER INDUSTRY Master’s Thesis THE WACC AS A METHODOLOGY TO APPROXIMATE THE SPREAD FOR THE ALLOWED RATE OF RETURN FOR RENEWABLE GENERATION AND GENERATION IN ISOLATED ENERGY SYSTEMS IN SPAIN Author: Raúl Arturo Escobar Segura Supervisor: Henar Soto Tejero Madrid, July 2017 Official Master's Degree in the Electric power lndustry (MEpl) Erasmus Mundus Joint Master in Economics and Management of Network lndustries (EMIN) Master's Thesis Presentation Authorization THE STUDENT: RAUL ARTURO ESCOBAR SEGURA ß-*{- kas.t\.-r S THE SUPERVISOR TEJERO Signed Date: ?1..t .AÇ.t ..?9l? Authorization of the Master's Thesis Coordinator Dr. Luis Olmos Camacho Signed.: UNIVERSIDAD PONTIFICIA COMILLAS & UNIVERITÉ PARIS-SUD Summary COMISIÓN NACIONAL DE LOS MERCADOS Y LA COMPETENCIA (CNMC) Master in Economics and Management of Network Industries (EMIN) Master in the Electric Power Industry (MEPI) The WACC as a Methodology to Approximate the Spread for the Allowed Rate of Return for Renewable Generation and Generation in Isolated Energy Systems in Spain The Spanish electricity regulatory framework states that the regulated sectors must be remunerated through a reasonable rate of return, calculated as a spread to be added to the average government bonds yield. In that context, the objective of this work is to use the well-known financial model of the Weighted Average Cost of Capital (WACC) to approximate the allowed rate of return for renewable energy generation and generation in the isolated energy systems. As of today, the allowed rate of return has been set without any clear methodology.
  • MANAGED FUTURES / CTA What a Difference a Year Makes! - a Case Paper “Your Single Access Point to the Nordic Hedge Fund Industry”

    MANAGED FUTURES / CTA What a Difference a Year Makes! - a Case Paper “Your Single Access Point to the Nordic Hedge Fund Industry”

    Published March 2015 Here we go again! CTAs have been declared dead before. This time, resurrection took a little longer than usual The value of diversifying CTA portfolios Why picking a few household names may just not be enough to do the trick The Lynx Story Svante Bergström, Lynx CEO and Co-founder talks about the early days 10 Fallacies to avoid when selecting CTAs Don´t be fooled by soft factors when selecting CTAs! MANAGED FUTURES / CTA What a Difference a Year makes! - A Case Paper “your single access point to the Nordic hedge fund industry” Contact Kamran Ghalitschi CEO / Publisher Nordic Business Media AB BOX 7285 SE-103 89 Stockholm, Sweden Corporate Number: 556838-6170 VAT Number: SE-556838617001 Direct: +46 (0) 8 5333 8688 Mobile: +46 (0) 706566688 email: [email protected] www.hedgenordic.com HedgeNordic CTA Industry Report | 3 Editor´s Note: Guess who´s back? Managed Futures for many investors only had some cameo appearances on the big screens until they had their first lead role in 2008, arriving to the rescue of financial-crisis struck portfolios like superheros. Ever since though, CTAs have struggled to find an environment to match historical returns. It seemed like the industry had met its Kryptonite in markets influenced and „manipulated“ by government and central bank interventions and politically influenced monetary and fiscal policies where volatility disappeared. Let us recap: From 2000 until 2008, Futures space, why the segment lagged local managers to the oldest and largest Barclay Hedge CTA Index showed positive performance for so long, what brought it in our region and some of the most returns every single year, and in 2008 back and what the lookout for systematic recognized names in the industry.
  • Renewable Energy in the GCC Countries Resources, Potential, and Prospects

    Renewable Energy in the GCC Countries Resources, Potential, and Prospects

    Renewable Energy in the GCC Countries Resources, Potential, and Prospects Renewable Energy in the GCC Countries Resources, Potential, and Prospects Imen Jeridi Bachellerie Gulf Research Center The cover image shows the Beam Down Pilot Project at Masdar City. Photo Credit: Masdar City Gulf Research Center E-mail: [email protected] Website: www.grc.net First published March 2012 Gulf Research Center © Gulf Research Center 2012 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the Gulf Research Center. ISBN: 978-9948-490-05-0 The opinions expressed in this publication are those of the author alone and do not necessarily state or reflect the opinions or position of the Gulf Research Center or the Friedrich-Ebert-Stiftung. By publishing this volume, the Gulf Research Center (GRC) seeks to contribute to the enrichment of the reader’s knowledge out of the Center’s strong conviction that ‘knowledge is for all.’ Dr. Abdulaziz O. Sager Chairman Gulf Research Center About the Gulf Research Center The Gulf Research Center (GRC) is an independent research institute founded in July 2000 by Dr. Abdulaziz Sager, a Saudi businessman, who realized, in a world of rapid political, social and economic change, the importance of pursuing politically neutral and academically sound research about the Gulf region and disseminating the knowledge obtained as widely as possible. The Center is a non-partisan think-tank, education service provider and consultancy specializing in the Gulf region.