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Original-Research: DWK Deutsche Wasserkraft AG - von Parmantier & Cie. GmbH
08.07.2025 / 12:41 CET/CEST
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Einstufung von Parmantier & Cie. GmbH zu DWK Deutsche Wasserkraft AG
Unternehmen: DWK Deutsche Wasserkraft AG
ISIN: DE000A2AAB74
Anlass der Studie: Start of Research
Empfehlung: Buy
seit: 08.07.2025
Kursziel: 5,00 EUR
Kursziel auf Sicht von: 12 month
Letzte Ratingänderung: New
Analyst: René Parmantier, Benedikt Krämer
Economy meets ecology: Small hydro run-of-river power plants (RPP) ensure
green returns without wind or solar lulls
DWK Deutsche Wasserkraft AG (DWK) is the only listed company in Germany that
pursues a 'pure play' hydropower approach - from the development phase
through the construction phase to the operating phase. Run-of-river power
plants (RPPs) have various advantages over other forms of renewable energy:
1) comparatively constant energy production (24/7) 2) low impact on nature
(i.e. faster approval procedures) 3) maximum energy efficiency/efficiency
and 4) good planning capability. The project phase in particular promises
high returns for RPPs (IRR >21%) and DWK benefits from functioning markets
for operational RPPs and ready-to-build sites. Based on our DCF valuation,
the share has a fair value of EUR5.00.
Market environment: Norway not only offers optimal geographical conditions
for RPPs, but also a stable energy market (with lower price fluctuations
than in neighbouring countries), comparatively fast approval procedures and
a low tax burden (22%). Interconnectors ensure that Norwegian energy
producers can benefit from volatile electricity prices in Europe due to the
growing share of renewable energy (PV/wind). The AI revolution and growing
demand for data centres are driving medium-term energy demand in Europe.
Within renewables, hydropower is the most reliable energy source - also in
terms of returns.
Specific strengths: 1) The partnership with NordVest utilises specific LWKW
expertise and generates uncorrelated returns from AM fees. 2) The current
pre-development pipeline represents a total output of over 260 GWh. 3) DWK
has an experienced management team with an impressive track record
(including 122 deals in Norway alone with a volume of EUR1.1bn)
Challenge: In order to realise existing potential and transfer as much of
the existing pipeline as possible to the construction phase, DWK needs
further financing according to our model calculations.
DISCLAIMER
Legal Notice
This research report ('Investment Recommendation') was prepared by
Parmantier & Cie. Research, with contributions from Mr. Parmantier and Mr.
Krämer, and is distributed solely by Parmantier & Cie. Research. It is
intended only for the recipient and may not be shared with other entities,
even if they are part of the same corporate group, without prior written
consent. The report contains selected information and makes no claim to
completeness. The investment recommendation is based on publicly available
information ('Information'), which is considered correct and complete.
However, Parmantier & Cie. Research does not verify or guarantee the
accuracy or completeness of this information. Any potential errors or
omissions do not create liability for Parmantier & Cie. Research, which
assumes no liability for direct, indirect, or consequential damages.
In particular, Parmantier & Cie. Research accepts no responsibility for the
accuracy of statements, forecasts, or other content in this investment
recommendation concerning the analyzed companies, their subsidiaries,
strategies, economic conditions, market and competitive positions,
regulatory frameworks, and similar factors. While care has been taken in
preparing this report, errors or omissions cannot be excluded. Parmantier &
Cie. Research, including its partners and employees, accepts no liability
for the accuracy or completeness of statements, estimates, or conclusions
derived from the provided information in this investment recommendation.
To the extent this investment recommendation is provided as part of an
existing contractual relationship (e.g., financial advisory services),
Parmantier & Cie. Research's liability is limited to cases of gross
negligence or intentional misconduct. In cases of breach of essential
obligations, liability is limited to simple negligence but is restricted to
foreseeable and typical damages in all cases. This investment recommendation
does not constitute an offer or solicitation to buy or sell securities.
Partners, managing directors, or employees of Parmantier & Cie. Research or
its subsidiaries may hold responsible positions, such as supervisory board
mandates, in the companies mentioned in this report. The opinions expressed
in this investment recommendation may change without notice and reflect the
personal view of the research analyst. Unless otherwise stated, no part of
the research analyst's compensation is directly or indirectly related to the
recommendations or opinions contained in this report. All rights reserved.
Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=4bd6c6ec2adc87287299f16cf11afca7
Kontakt für Rückfragen:
Parmantier & Cie. Research
Hungener Straße 6
60389 Frankfurt am Main
E-mail: info@parmantiercie.com
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2166864 08.07.2025 CET/CEST
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