As of September 20, 2021, Hamburg-based wind and solar park operator Encavis AG (ECV.DE) is listed in the SDAX, the index of the 70 largest listed small-cap companies in Germany after the newly formed DAX with the 40 largest companies now listed and the MDAX reduced to 50 companies, measured by free-float market capitalization. The former Capital Stage AG was listed in the SDAX for the first time on March 24, 2014, almost exactly seven and a half years ago, following its admission to the Prime Standard of Deutsche Börse AG in 2013.
Encavis AG’s sustainable value-creating business model is based on a technologically stable infrastructure. All operational wind and solar parks are centrally monitored and controlled. Ninety-five percent of the Group’s sales are secured long-term by fixed feed-in tariffs or by long-term (10 years) and price-fixed private power purchase agreements (PPAs). Interest rate risks in financing the existing parks also do not exist, as all wind and solar parks have fixed interest conditions, congruent with the fixed agreed revenue periods. The continuously increasing revenue and earnings figures are characterized by stable earnings margins of around 75% EBITDA margin and about 45% EBIT margin. The regular cash inflows from the operating wind and solar parks are reflected in the dividend amounts, rising continuously for more than 10 years.
Encavis AG’s revenue consolidated net income and market capitalization has developed more than rapidly since 2013. Consolidated revenue in 2013 of around 57.0 million euros has increased more than fivefold, rising continuously to 292.3 million euros by 2020. In the current fiscal year 2021, the Executive Board expects more than 320 million euros. Consolidated net income rose from 14.0 million euros in 2013 to 68.1 million euros (2020) and increased almost fivefold. Operating cash flow increased practically six-fold, rising from 36.0 million euros (2013) to 212.9 million euros (2020). The market capitalization of the former Capital Stage AG, now Encavis AG, has increased almost eightfold in the same period from around 272 million euros (March 4, 2014) to currently about 2.1 billion euros.
Source: Encavis AG