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Ormat Technologies Inc ORA

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Morningstar’s Analysis

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Ormat's Energy Storage Business Continues to Progress Well; Reports First-Quarter Earnings

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $72 fair value estimate for Ormat Technologies after the company reported first-quarter adjusted EBITDA of $99.2 million, down from $106 million in the same year-ago period. Ormat reported an $8.8 million after-tax loss related to the February winter storm power crisis. Management targets an annual run rate of $500 million in adjusted EBITDA toward the end of 2022, in line with our expectations. Management reaffirmed full-year adjusted EBITDA guidance of $400 million-$410 million and total revenue of $645 million-$680 million.

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Company Profile

Business Description

Ormat Technologies derives approximately 80% of its revenue from building and operating geothermal plants and the rest from manufacturing geothermal and recovered energy equipment. Nearly two thirds of its capacity is in the United States, with the balance in Africa and Central America. Nearly all the plants have long-term contracts with local utilities.

Contact
6140 Plumas Street
Reno, NV, 89519-6075
T +1 775 356-9029
Sector Utilities
Industry Utilities - Renewable
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 1,402

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