即将举行的CMD有何预期？

研报英文原文证据摘录

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M

Idea

August 17, 2026 04:00 PM GMT

Solaria Energia y Medio Ambiente SA | Europe

Morgan Stanley Europe S.E., Paris Branch+

Arthur Sitbon, CFA

Equity Analyst

What to expect from the

upcoming CMD?

Morgan Stanley & Co. International plc+

Marina Fuentes Juan

Research Associate

Robert Pulleyn

What’s Changed

Equity Analyst and Commodity Strategist

Solaria Energia y Medio Ambiente SA (SLRS.MC)

From

To

Price Target

€21.00

€19.00

Sarah E Lester, CFA

Equity Analyst

We think Solaria's upcoming CMD could be a positive catalyst,

with a likely 2026 EBITDA guidance increase and potential

constructive business updates. Post correction, the shares' riskreward profile seems more favourable, although some risks

persist, and we keep our Equal-weight rating for now.

Key Takeaways

We see a more favourable backdrop for Solaria shares ahead of the upcoming

CMD and think the event could be a positive catalyst.

We expect Solaria to increase its 2026 EBITDA target and think it may also

provide constructive business updates at the CMD (perhaps including a new data

centre deal announcement, in line with last year's CMD).

The recent rebound in Spanish power prices is also a helpful short-term earnings

tailwind for the group.

However, we stay Equal-weight on the name, given risks associated with rising

solar price cannibalisation in Spain...

...as well as the potential binary nature of the CMD (i.e., if no DC deal is

announced), and given our more cautious view on future capacity additions.

Possibility of more data centre announcements at CMD, similar to last year's?

Solaria indicated that they will hold another Capital Markets Day and that it would

Arthur Descazeaud

Research Associate

Solaria Energia y Medio Ambiente SA (SLRS.MC, SLR

SM)

Utilities | Spain

Stock Rating

Industry View

Price target

Shr price, close (Aug 14, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Equal-weight

Attractive

€19.00

€16.32

€25.85-10.21

€2,009

€1,326

€3,449

* = GAAP or approximated based on GAAP

Fiscal Year Ending

Sales / Revenue

(€mn)**

EBITDA (€mn)**

EBIT (€mn)**

EPS (€)**

Prior EPS (€)**

EPS (€)§

P/E**

DPS (€)

…