Analýza odvětví obnovitelných zdrojů v Evropě

Master thesis „Analysis of the renewable energy sector in Europe“ is focused on top-down approach of fundamental analysis for companies Capital Stage AG and Energiekontor AG which operate in renewable energy sector and in selected countries. Furthermore, it aims to present detailed sector overview and quantified risk for each source and different project phase in terms of the unlevered beta that can be further used by investors in own valuation models. The first chapter presents renewable energy sector in the context of the EU. Also, it shows the development of key macroeconomic variables in selected countries and their impact on the stock price. The second chapter contains the sector analysis derived into key drivers, performance of the sector compared to other industries (conventional utilities included) and competition environment. Last chapter shows the risk analysis calculated from a peer group based on unlevered beta factor. Further it deals with preparation of entry variables required rate of return for the investor and growth rates. Finally, valuation models are used to estimate the intrinsic values of selected stocks or deriving the investment signals for buy/sell based on comparison. Final investment recommendation is based on not only the results of valuation models but also include the macroeconomic and renewable energy sector outlook.