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Neoen SA NEOEN

Morningstar Rating
€37.04 +0.36 (0.98%)
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Company Report

Neoen: To Be Acquired by Brookfield at EUR 39.85 per Share; We Recommend Accepting the Offer

No-moat Neoen's main shareholders, together holding 53.3% of the shares, have agreed to sell them at EUR 39.85 per share to Brookfield Asset Management. Neoen's board has unanimously accepted the offer. Upon completion of the block acquisition, Brookfield will file an all-cash tender offer. The transaction is subject to regulatory approvals, which are expected to be obtained in the fourth quarter; clearing the tender offer that would occur in first-quarter 2025. We see the offer as attractive and raise our fair value estimate to EUR 39.85 from EUR 31.50, in line with it.

Price vs Fair Value

NEOEN is trading at a 634% premium.
Price
€36.68
Fair Value
€17.17
Uncertainty
Medium
1-Star Price
€28.10
5-Star Price
€25.30
Economic Moat
Pscf
Capital Allocation
Ywpgsyk

Bulls Say, Bears Say

Bulls

Neoen stands out from peers due to its large footprint in solar and batteries. The young age of its assets warrants a higher valuation than peers.

Bears

Neoen has tapped the stock markets in 2021 and 2023. It could do it again to reach its 2030 target of 20 GW of capacity in operation and under construction.

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News

Trading Information

Previous Close Price
€36.68
Day Range
€36.4837.18
52-Week Range
€21.8037.98
Bid/Ask
€36.60 / €37.18
Market Cap
€5.65 Bil
Volume/Avg
1.3 Mil / 376,575

Key Statistics

Price/Earnings (Normalized)
62.32
Price/Sales
10.07
Dividend Yield (Trailing)
0.41%
Dividend Yield (Forward)
0.41%
Total Yield
0.41%

Company Profile

Listed since 2018, Neoen is a French renewables developer. The historic shareholder is Impala S.A.S., which still holds 42% of the capital. At the end of 2022, Neoen operated 5 GW of capacity, of which 54% was solar, 35% onshore wind, and 11% utility-scale batteries—41% of this capacity is in Europe, 41% in Australia, and 18% in the Americas, but with no presence in the US
Sector
Utilities
Industry
Utilities - Renewable
Stock Style Box
Mid Growth
Total Number of Employees
186

Competitors

Valuation

Metric
NEOEN
ANE
EDPR
Price/Earnings (Normalized)
62.3215.5885.65
Price/Book Value
2.101.101.29
Price/Sales
10.071.826.30
Price/Cash Flow
18.298.8621.68
Price/Earnings
NEOEN
ANE
EDPR

Financial Strength

Metric
NEOEN
ANE
EDPR
Quick Ratio
1.140.820.47
Current Ratio
1.261.100.66
Interest Coverage
2.146.981.85
Quick Ratio
NEOEN
ANE
EDPR

Profitability

Metric
NEOEN
ANE
EDPR
Return on Assets (Normalized)
1.17%3.50%1.08%
Return on Equity (Normalized)
3.34%8.00%2.97%
Return on Invested Capital (Normalized)
3.47%5.32%3.35%
Return on Assets
NEOEN
ANE
EDPR
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