7C Solarparken AG (HRPK.DE) : juste valeur

Thèse ACCE

7C Solarparken owns and operates utility-scale solar parks in Germany, selling the power under long-term feed-in and power purchase arrangements, so its earnings rest on contracted cash flows rather than on the spot price of electricity. The 26.8% operating margin reflects that model, though the 100% gross margin tells you the company reports almost no cost of goods sold, so the operating line is where the real cost base shows up and deserves a close look. Revenue fell 2.3% and return on equity is slightly negative at -1.4%, which suggests the park portfolio is generating operating profit that is absorbed by financing costs and depreciation. The forward P/E of 21.9 is the number to test against the asset base: at a 128M EUR market cap, the question is whether the existing parks produce enough steady cash to justify that multiple without new capacity. It is a small, illiquid name with no index membership, so the work is mostly bottom-up, starting with the park-by-park output and tariff schedule.