Former toll-roads turned green energy group, NTR, has succeeded
in transforming itself in the past year and, following the
sell-off of non-core businesses is poised for a major expansion,
according to Davy Research.
Davy upgraded shares in the group, which are traded on the
so-called 'grey market' - citing 'significant expansion
of the recycling businesses as well as for new investments
in distinct renewable energy sectors'.
'NTR is trading at a discount to our sum-of-the-parts
post-redemption valuation of 661c, which does not include
any value for potential future upside' - the broker's
Shares in NTR are currently trading in the limited market
at just under €6.00 and have bucked the trend of the
open-market ISEQ index-listed shares in recent months - rising
from €5.00 a share this time last year.
"The stock looks attractive on this basis, particularly given
NTR's strong balance sheet and the very favourable macro environment
for the sectors in which the group operates" - Davy said.