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Ormat Technologies Inc ORA

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Morningstar’s Analysis

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Ormat Reports Full-Year Earnings, Shares Remain Expensive

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $72 fair value estimate for Ormat Technologies after the company reported full-year EBITDA of $420.2 million, up from $384.3 million in 2019. Management is targeting $500 million annual run-rate adjusted EBITDA toward the end of 2022, in line with our expectations. Ormat increased its quarterly dividend 9% to $0.12 per share, or $0.48 annualized.

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Company Profile

Business Description

Ormat Technologies derives approximately 80% of its revenue from building and operating geothermal plants and the rest from manufacturing geothermal and recovered energy equipment. Nearly two thirds of its capacity is in the United States, with the balance in Africa and Central America. Nearly all the plants have long-term contracts with local utilities.

6140 Plumas Street
Reno, NV, 89519-6075
T +1 775 356-9029
Sector Utilities
Industry Utilities - Renewable
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 1,402