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Camco International
- BY: Andrew Hore |
- POSTED: 04/01/2012 |
- COMMENTS: Add yours
Broker Singer has sharply downgraded its forecasts for Camco International, a developer of greenhouse gas emission reduction and clean energy projects, following yesterday’s trading statement.
Camco provided guidance on how it will be hit by the sharp fall in the price of UN-issued, EU-traded carbon credits in the second half of 2011. According to Singer, a price below €10/tonne makes development projects uneconomic and carbon credits are unlikely to be bought at this price. The price has fallen from €13/tonne to €4/tonne in the second half of 2011 so projects are a long way from being economic and there is little appetite for carbon credits trading. The price falls have meant that Camco’s carbon portfolio no longer has a net value. There will be a large one-off write-off relating to the carbon division.
Singer believes that this could total €30m - a €20m reduction in revenues relating to previously booked deferred income and a €10m increase in operating costs. This has led Singer to move its 2011 forecast from a €300,000 profit to a €29.9m loss.
Singer is removing all carbon revenues from its 2012 forecasts and expects a loss for the year of €7.6m.
There is still €11.3m in the bank at the end of 2011 plus further cash in the south east Asian joint venture. Singer estimates an intrinsic value of 12.3p a share. That compares with a share price of 5.88p, which values Camco at £11.1m.
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