Good Energy Group (GOOD)

Sector:

Electricity Generation and Distribution

Index:

FTSE AIM All-Share

260.00p
   
  • Change Today:
      15.00p
  • 52 Week High: 412.00
  • 52 Week Low: 160.00
  • Currency: UK Pounds
  • Shares Issued: 18.22m
  • Volume: 106,408
  • Market Cap: £47.36m

Canaccord Genuity raises target price on Good Energy

By Iain Gilbert

Date: Wednesday 26 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity raised their target price on renewable energy company Good Energy from 450.0p to 475.0p on Wednesday, citing the firm's mostly profitable 2021 performance and its stake in Zap-Map.
Canaccord noted that the Good Energy of today was two business lines - a UK-wide deep green supply operation, more commercial than retail, with a more than a ten-year track record of profitability, exempt from the price cap, and trading, mostly, profitably through 2021.

However, the analysts also pointed out that Good Energy also had a 50% stake in Zap-Map, an electronic vehicle charging app, which has grown in line with UK EV rollout, roughly doubling every 12 months, and has plans to expand to new geographies.

The Canadian bank stated that following the sale of its generation portfolio to Bluefield Solar Income Fund, providing it with equity proceeds of £16.0-24.0m, Good Energy should close the year with a roughly £3.0m net cash position.

In addition to this, Canaccord said Good's supply business was experiencing "unusually high working capital" of at least £15.0m above normal, which it expects to reverse going into 2023 as the UK energy market gets closer to "a new equilibrium".

"With the group likely to generate circa £8.0m in EBITDA from '23E onwards, and significant potential upside from Zap-Map, we find it difficult to justify the current share price," said the analysts.

"We remain BUYers with a new price target of 475.0p (was 450.0p), of which circa 135.0p is cash, at which the stock would trade at just 10x/7x/5x 22/23/24E EV/EBITDA."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

GOOD Market Data

Currency UK Pounds
Share Price 260.00p
Change Today 15.00p
% Change 6.12 %
52 Week High 412.00
52 Week Low 160.00
Volume 106,408
Shares Issued 18.22m
Market Cap £47.36m

GOOD Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
41.27% above the market average41.27% above the market average41.27% above the market average41.27% above the market average41.27% above the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
67.43% above the market average67.43% above the market average67.43% above the market average67.43% above the market average67.43% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
83.35% below the market average83.35% below the market average83.35% below the market average83.35% below the market average83.35% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
43.02% above the market average43.02% above the market average43.02% above the market average43.02% above the market average43.02% above the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GOOD Dividends

  Latest Previous
  Interim Final
Ex-Div 28-Sep-23 08-Jun-23
Paid 27-Oct-23 13-Jul-23
Amount 1.00p 2.00p

Trades for 28-Mar-2024

Time Volume / Share Price
17:07 8,000 @ 260.00p
16:35 873 @ 260.00p
16:35 747 @ 260.00p
16:35 126 @ 260.00p
16:29 1,000 @ 260.00p

GOOD Key Personnel

CEO Nigel Pocklington

Top of Page