New PPVX-entries: Solarpack and Shunfeng
Post date: 09/12/2018 - 15:26
Two new companies have entered the PHOTON Photovoltaic Stock Index PPVX. Two other companies are therefore excluded from the index of 30 listed PV companies with the world’s highest market capitalisation.
New to the PPVX is Solarpack Corporación Tecnológica S.A., based in Getxo (Spain), which specialises in the development, construction and operation of solar power plants. The share (ISIN: ES0105385001) is listed at the Bilbao, Madrid, Barcelona and Valencia stock exchanges since December 5. With a price range of €8.00 to €10.30 ($9.01 to 11.70), the issue price was €8.30 ($9.43). The expectation of an issue proceeds of at least €100 million ($113.6 million) was fulfilled, the free float now amounts to almost 37 percent. At the end of the week, on December 7, the share was quoted at €9.10 ($10.34). This corresponds to a market capitalization of around €292 million ($331.6 million). Thus the company is weighted with three out of six possible points for the calculation of the PPVX and is in 22nd place in the ranking of the stock market values in the index.
The company currently employs 127 people in project business in Europe, North and Latin America, Asia and Africa. Since 2005, solar power plants with 529 MW have been developed in six countries, and Solarpack holds interests in a total of 252 MW of generation capacity in Spain, Peru, Chile and India. The portfolio with projects in various stages of development is stated with 2.9 GW worldwide. In 2017, the balance sheet total (more than €167.5 million; $190.2) and the debt ratio (more than 58 percent) more than doubled. At present, around 70 percent of Solarpack’s revenue is generated from the sale of electricity.
At the same time, the shares of Chinese solar group Shunfeng International Clean Energy Ltd., listed on the Hong Kong stock exchange, were again included in the PPVX. The stock market value of the company, which was last listed in the index until February 2018, is currently €264 million ($299.8, which also corresponds to three weighting points) and was more than four weeks at least 50 percent above the market capitalization of the Taiwanese Green Energy Technology Inc. as the currently least rated PPVX company.
The Green Energy share, which had entered the PPVX only this June, is therefore being withdrawn again, while the currently second smallest PPVX company in terms of market capitalisation, the cell, module and inverter manufacturer Motech Industries Inc., also based in Taiwan, is having to give up its place for Solarpack.
Last week the PPVX lost 3.0 percent and was quoted at 960 points on Friday – 19.7 percent below its level at the beginning of the year. Only three index stocks closed the week with a price gain: Enphase Energy (5.2 percent), Jinko Solar (1.9 percent) and Xinyi Solar (0.3 percent). Sino-American Silicon (14.0 percent), Meyer Burger (13.0 percent) and REC Silicon (7.5 percent) suffered the most significant price losses.
Sunrun (136.6 percent), Solaria Energía (53.5 percent) and West Holdings (44.9 percent) currently record the highest price gains since the beginning of the year, while the highest losses were suffered by the shares of Panda Green Energy (70.4 percent), GCL-Poly (63.6 percent) and Meyer Burger (61.3 percent). The current cumulative market value of all PPVX companies is around €23.0 billion ($26.1 billion).