In today’s briefing:
- TLN: More EBITDA More Value
- Renewable Japan (9522 JP): 1H FY12/24 flash update
TLN: More EBITDA More Value
- TLN benefited from warmer weather in the second quarter with its power plants running without any issues. The increase in electricity demand resulted in TLN reporting adjusted EBITDA higher estimates.
- TLN’s management suggesting there could be more data center deals in the future was the biggest takeaway from the earnings call.
- Considering the added benefit of the auction results for 2025-26, we believe there is ample reason to expect TLN’s stock to trade above our price target of $145.
Renewable Japan (9522 JP): 1H FY12/24 flash update
- Revenue for 1H FY12/24 was JPY8.7bn, down 7.9% YoY, achieving 42.5% of the full-year forecast.
- Gross profit for the Recurring business grew 18.4% YoY, while Spot business revenue and gross profit declined over 50% YoY.
- Operating profit decreased 14.8% YoY to JPY1.5bn, achieving 29.7% of the full-year forecast.
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