
LONG Idea
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Intro Capital and Legal Structure - 25 Feb 25

Company Operations - 25 February 25

Industry Competition - 25 February 25

Financials & Projections - 25 February 25

Investment Discussion - 25 Feb 25
As per last Friday, we said it wouldn’t be long before the company needs fresh cash. Less than a week later, we understand that
Solar volumes are holding up better than expected, outweighing the more disappointing development of smart grids (allegedly temporary). But margins on
North American energy providers are slashing investments by half in response to the Big Beautiful Bill. This should quite directly hit
Q2 had slightly better revenues than we expected, but at slightly worse margins. One-offs were, however, more significant than modelled, and so
The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.
Please find our updated analysis of Amara here
Picking companies in growth sectors, even when temporarily not growing, has the advantage that unforeseen circumstances rarely constitute default risk. If value is lost on the way somewhere, the business will eventually recover it. Add to that: 1) strong market share, 2) scalable cost structure, 3) cost focused management, 4) good liquidity and 5)
We are shooting first and will ask questions later. Having followed the name for some time now and being satisfied with our predictions so far, we think the business can
Solar revenues were slightly ahead of model and overall EBITDA was on target. From there, the main difference was a slight
Bonds dropped on what we believe to be a reaction from the Intersolar, which must have been a morbid affair this year. We don’t think Amara will run out of
Please find our updated analysis of Amara here.
If Amara were a boat with a heading, it would look like a reasonable proposition. There is nothing valuable on the boat; it has no assets, and it’s likely a
As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Amara NZero videos are available on the website, here.
All,
Please find our initiation of Amara here.
Amara | Live Discussion
Wolfgang Felix - Senior Analyst, Head of Desk
Tuesday, 25 Feb, 3 pm UK time | 10 am ES