Analyst Note| Andrew Bischof, CFA, CPA |
We are reaffirming our $53 fair value estimate for Ormat Technologies after the company reported third-quarter adjusted EBITDA of $107.1 million, up from $85.5 million in the same year-ago period. Management revised its 2020 revenue guidance range to $707 million to $717 million from $710 million to $725 million. It also raised the adjusted EBITDA guidance range to $417 million to $425 million from $400 million to $410 million. Adjusting our full-year estimates did not have a material effect on our fair value estimate.