Carnegie Investment Bank
Midsummer
Date Title Alternative
2024-05-03 Revenues still low but good cost control Download | Show Close
2024-03-04 Production expansion on the cards Download | Show Close
2024-02-15 Reinstating coverage with new fair value following rights issue Show Close
2022-11-17 Journey towards increased production continues Show Close
2022-09-12 Strong growth as Italian expansion continues Show Close
2022-06-21 Betting big on the sun in Europe Show Close
Research | 21 Jun 2022 | Midsummer

Betting big on the sun in Europe

 

An investment in green transition and solution to the energy crisis in Europe

Midsummer is an investment in green transition and in the energy source that has the greatest potential
to solve the European energy crisis within the foreseeable future: solar energy. The company is forcefully
expanding its business in Italy and the expansion is fully financed by the Italian government. Production
capacity will be 10 times higher than current capacity.

Unique market position

Midsummer’s technology is based on thin film technology, a semiconductor applied to a steel substrate in a
polymer composite, and differs significantly from conventional solar panels. This results in a market-leading
position in terms of carbon footprint, lower than wind and hydropower. In our view, thin film technology
is going to outperform conventional solar panels, which have lost their major competitive advantages.

 

Fair value SEK 19-21

We use an EV/S multiple of 4x for the share, based on 2025 sales discounted to present value. The EV/S
multiple is in line with peers listed in the US. At present, Midsummer is a small and local Swedish player,
but in our view the company is going to be recognised as a major regional player via its expansion in Europe,
and will thus be valued in line with peers. Applying this method, we set a fair value of SEK 19-21 per share.

 

Download (EN)

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