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.