Analyst Group

Analyst Group Comment on Zenith’s Updated Independent Solar Valuation of EUR 85.6m and Pipeline Expansion to 238 MWp

Källa: MFN
Positiv

Sammanfattning

Zenith Energy har mottagit en uppdaterad oberoende värdering av sin italienska solenergiportfölj som uppgår till 85,6 miljoner EUR, en ökning med 56% sedan mars 2026. Bolaget förväntar sig att slutföra försäljning av soltillgångar om cirka 89 MWp mellan februari och april 2027.

Analys

Den uppdaterade värderingen bekräftar värdeskapandet i Zenith Energy's italienska solenergiplattform. Värdet per MWp har ökat med cirka 18% sedan mars 2026, och de första avyttringarna har prissatts med en premie. Bolaget närmar sig sitt mål för portföljexpansion och 2027 förväntas bli året då strategin övergår från värdeskapande till värderealisering.

Nyckeltal

Uppdaterad värdering av solenergiportfölj
EUR 85.6m
Värdering mars 2026
EUR 54.7m
Värdering dec 2025
EUR 27.5m
Total förvärvsöverenskommelse
EUR 22.1m
Förväntade bruttointäkter från första avyttringar
EUR 28.3m
Portföljexpansion till
238 MWp

Insikter

  • • 2027 förväntas bli ett realiseringsår för Zenith Energy's solenergistrategi.
  • • Värdet per MWp har ökat med ca 18% sedan mars 2026.
  • • Bolaget närmar sig sitt mål för portföljexpansion.
Fundamental påverkan
Positiv

Den ökade värderingen av solenergiportföljen och de kommande avyttringarna stärker bolagets finansiella ställning och potential för kassaflöde.

Omfattning: 4/10Liten påverkan
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Zenith Energy Ltd. (“Zenith” or the “Company”) announced on November 3, 2026, that the Company has received an updated independent valuation of its Italian solar development pipeline from Gruppo Amira S.r.l.s., a Genoa-based consultancy specializing in the Italian energy sector. The valuation assigns a value of EUR 85.6m to the approximately 238 MWp pipeline. This represents an increase of 56 % from the EUR 54.7m valuation announced on March 31, 2026, and of 211 % from the EUR 27.5m valuation announced on December 4, 2025. The total agreed acquisition consideration for the pipeline amounts to EUR 22.1m, or approximately EUR 93,000 per MWp. Zenith further stated that it expects to complete its first disposals of solar assets, comprising approximately 89 MWp in Piedmont and Lazio, between February and April 2027, with expected gross proceeds of approximately EUR 28.3m. On October 30, 2026, the Company also announced the addition of a new 5 MWp photovoltaic development project in the Province of Foggia, Puglia, which brings the pipeline close to its target of 240 MWp by the end of 2026.

Zenith Energy Ltd. (“Zenith” or the “Company”) announced on November 3, 2026, that the Company has received an updated independent valuation of its Italian solar development pipeline from Gruppo Amira S.r.l.s., a Genoa-based consultancy specializing in the Italian energy sector. The valuation assigns a value of EUR 85.6m to the approximately 238 MWp pipeline. This represents an increase of 56 % from the EUR 54.7m valuation announced on March 31, 2026, and of 211 % from the EUR 27.5m valuation announced on December 4, 2025. The total agreed acquisition consideration for the pipeline amounts to EUR 22.1m, or approximately EUR 93,000 per MWp. Zenith further stated that it expects to complete its first disposals of solar assets, comprising approximately 89 MWp in Piedmont and Lazio, between February and April 2027, with expected gross proceeds of approximately EUR 28.3m. On October 30, 2026, the Company also announced the addition of a new 5 MWp photovoltaic development project in the Province of Foggia, Puglia, which brings the pipeline close to its target of 240 MWp by the end of 2026.

In Analyst Group’s view, the updated independent valuation provides further confirmation of the value being created within Zenith’s Italian solar platform. The valuation has increased by 56 % in seven months, driven both by the expansion of the pipeline and by a like-for-like increase of approximately 18 % in value per MWp. Meanwhile, the acquisition considerations become payable only as projects secure the required permits. Of particular significance, the expected first disposals have been priced at a premium of approximately 6 % to the independent value per MWp applied in March 2026. This provides tangible market support for the valuation and a clear path toward converting development value into non-dilutive cash. With the first Puglia plants expected to generate revenue at the beginning of 2027 and the pipeline within reach of the 240 MWp target, Analyst Group views 2027 as the year in which Zenith’s solar strategy is expected to move from value creation to value realization.

Read Analyst Group’s comment here

About Analyst Group: One of the Nordics’ leading equity research boutiques with focus on small and medium-sized listed companies.Read more about Analyst Group This is a press release from Analyst Group regarding the publication of a comment on Zenith Energy. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.

Analyst Group: Analyst Group Comment on Zenith’s Updated Independent Solar Valuation of EUR 85.6m and Pipeline Expansion to 238 MWp - pressmeddelande och analys | Tickr