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Enviva’s Review Post Q3 Results


Enviva Inc. (NYSE:EVA) recently reported largely in-line Q3/22 results and re-affirmed its 2022 and 2023 adjusted EBITDA guidance. Analysts at RBC Capital provided a review of the company following the results, expecting it to benefit from market dislocations, which they believe should help it achieve its outlook by improving its adjusted gross margin.
The analysts updated their estimates and lowered their price target to $63 from $76 as they incorporate higher financing costs. The Sector Perform rating remained unchanged.
The analysts now forecast 2022/2023 adjusted EBITDA of $240 million/$307 million (vs. prior $240 million/$306 million) and DCF of $162 million/$203 million (vs. prior $167 million/$212 million). The analysts introduced their 2024 adjusted EBITDA and DCF estimates of $400 million and $282 million, respectively.









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