ENE 0.00% 5.5¢ enevis limited

price traget $3.47

  1. 2,961 Posts.
    Smith Barney's latest.

    Kimberley Project another incremental positive
    † ENE has been confirmed preferred tenderer on the West Kimberly remote site power plant, and is currently negotiating a 20 year power purchase agreement with Western Power. Installed capacity will be 46MW rising to 75MW over time, and commissioning of the first stage is scheduled for late CY05.

    † ENE will use its highly successful modular plant design, and the long term nature of the cash flows makes it possible to aggressively gear the project. Capital costs will be over $100m, and we would expect gearing of around 80%.

    † No financial details were released. We estimate the plant will add 7% to annualised NPAT from late CY05, ramping up to 12% as it reaches final design capacity. We will await final execution of the contract before including the project in our forecasts and valuation.

    † We see further catalysts for share price performance over the coming 6 months, including confirmation of the govt grant on German Creek (32MW), NGAC's, and positive news from the remediation of the US/UK assets.

    † We retain a Buy recommendation with a target price of $3.47, showing 24% upside.


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