Energy crisis underpins Vulcan’s business model - BUY

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With the Russian war against Ukraine and the associated sanctions, some of the economic consequences of this war are immediate, as certain metals like aluminum, nickel and palladium, but also crude oil and natural gas have seen steep price increases since the start of the war. Much likely, the push into renewable energies is about to accelerate as energy policy is reevaluated. Going in the same direction, the Fraunhofer Institute sees geothermal energy as a viable substitute for fossil energy sources and recommends action by policymakers and industry for an accelerated penetration. Overall, we expect the conditions for Vulcan to receive a further impetus not only due to the conflict, but also due to the fulfillment of climate targets. We confirm our PT with AUD 20.00, equivalent to EUR 13.22. We reiterate to BUY.

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