REE [BUY +22.3%] - Renewable capacity expansion to boost growth - Update
  • 2021-03-02T21:25:53
  • Company Research
We raise our target price by 10% and reiterate our BUY rating for REE mainly thanks to WACC declining from 13% to 12% as we model in a higher target debt-to-capital ratio to reflect REE’s aggressive capacity expansion for both rooftop solar and wind power projects as well as a 5% upward revision of our aggregate 2022F-2025F NPAT-MI forecast.