Pan Euro Renewables: EPDR priced for perfection, Grenergy not

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Pan Euro Renewables: EPDR priced for perfection, Grenergy not

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Pan Euro Renewables

EPDR priced for perfection, Grenergy not

Industry Overview

Bull case priced in at EDPR, still discounted at Grenergy 11 June 2026

EDPR’s recent foray above €14 looks hard to reconcile with its growth profile unless Equity

investors are willing to underwrite bullish assumptions on renewables value creation, US Pan Europe

regulatory changes, and pipeline recognition. We are not convinced those assumptions Renewables

are justified for EDPR given modest growth, but the read-across could be powerful. If Alexandre Braunshausen, CFA >>

the market is willing to pay up then Grenergy — with faster growth, more direct storage Research Analyst

exposure and materially higher value-creation spreads — could screen as the more MLIalexandre.braunshausen@bofa.com(UK)

attractive way to invest in renewables. We reiterate our Buy rating on top pick, Grenergy. Peter Bisztyga >>

Research Analyst

EDPR above €14 somewhat implies US IRA repeal MLIpeter.bisztyga@bofa.com(UK)

The market appears willing to value EDPR as though renewables fundamentals have Marcin Wojtal >>

structurally improved. We disagree with that conclusion (see our report: value creation Research Analyst

MLI (UK)

spreads reality check) and at EDPR, a modest 3-4% EBITDA growth profile to 2035 marcin.wojtal@bofa.com

means valuation appears stretched. We estimate the market underwrites: faster pipeline Julius Nickelsen, CFA >>

ramp-up and hybridisation; stronger and more durable US renewables economics; Research Analyst

operational recovery and no wind risks; confidence in value creation and asset rotations julius.nickelsen@bofa.com

translating into higher pipeline value recognition and a higher fair multiple. Noe Gonzalez >>