Voltalia: An acquisition that makes sense, despite being dilutive on margin
BUY, Fair Value EUR13 (+46%)
Voltalia stated yesterday that it is in advanced talks with Martifer in order to buy solar PV company Martifer Solar for an EV estimated at EUR49-50m. Through this strategic and complementary move, Voltalia is therefore set to accelerate the diversification of both its international footprint and its energy mix. We confirm our Buy rating with FV unchanged at EUR13/share.
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