Latest news for Prysmian (OTC:PRYMF) Stock

Prysmian SpA is an Italian manufacturer of electric power transmission and telecommunications cables and systems. Its business is organized in three segments--Projects, which focuses on the execution of underground and submarine cable projects; Energy Products, which provides power distribution, and industrial and network components; and Telecom, which makes cable systems and connectivity products. More than half of the firm's revenue is generated in the Europe, Middle East, and Africa regions, with the rest coming from North America, Latin America, and Asia-Pacific regions.

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According to insights from JPMorgan analyst Patrick Jones, the clean energy sector is positioned for positive surprises in the coming year.

3 Under-the-Radar Clean Energy Stocks With Upside Potential, Regardless Of Who&#39;s In The White House

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Encore Wire to be acquired by Prysmian for $290 per share in cash. Transaction expected to close in second half of 2024, generating ~€140 million in EBITDA synergies. 

Electrical Equipment Company Encore Wire Gets Wired For Takeover In €3.9B Deal

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Benzinga&#39;s M&amp;A Chatter for Tuesday March 17, 2015

Prysmian SpA

Record Heat, Climate Policies Energize Low-Carbon Investing

Prysmian: A Call Option On Offshore Energy, Trading At An 8% FCF Yield

Prysmian: Positive Megatrends And Supportive Capital Allocation Priorities

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Prysmian to acquire Encore for about €3.9 billion in all cash-deal

Prysmian: Recent Acquisitions To Benefit - Upgrade To Buy

Encore Wire Merger Presents Interesting Proposition

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As we move into the second half of 2024, the clean energy sector is ripe with opportunities despite the current volatility. According to insights from JPMorgan analyst Patrick Jones, the sector is positioned for positive surprises in <a href="https://www.benzinga.com/topic/clean-energy">the coming year</a>.



Here are three under-the-radar clean energy stocks with strong upside potential, irrespective of political changes in the White House.



<h3 class="wp-block-heading">HASI Capital</h3>



Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HASI#NYSE">HASI</a>) is a climate investment firm that partners with clients to deploy assets supporting the energy transition. They invest in distributed energy projects, renewable energy sources like solar and wind, and sustainable fuels and transport initiatives. The company stands out due to its diverse end-market exposure.



Recently earning an investment grade rating from Fitch, HASI is poised to benefit from a lower cost of capital. This development should support the company's guidance and catalyze stable spreads. 



Furthermore, HASI&#8217;s decreasing reliance on public capital raises &#8220;should reduce negative "surprises"&#8221;, making it a compelling pick in the clean energy sector.



<h3 class="wp-block-heading">TPI Composites</h3>



TPI Composites Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPIC#NASDAQ">TPIC</a>), though smaller in market cap, has significant growth potential. The company manufactures composite wind blades and structures for buses, rail, theme parks, and trucks. It operates in the wind energy and transportation industries. The company has segments in the U.S., Asia, Mexico, EMEA and India, with Mexico contributing the most revenue.



The company's wind turbine blade business is set to gain from improved order activity from wind OEMs, which has been increasing over the past year. The visibility into domestic content bonus adders under the Inflation Reduction Act (IRA) could spur further orders and potential manufacturing expansions. 



These factors make TPI Composites an attractive under-the-radar stock with promising catalysts ahead.



<h3 class="wp-block-heading">Prysmian Group</h3>



Prysmian Group SpA (OTCPK: PRYMF) (OTCPK: PRYMY) is an Italian manufacturer of power and telecom cables. It operates in three segments: Projects (cable projects), Energy Products (power distribution), and Telecom (connectivity products). Following its acquisition of Encore Wire, the company now derives most of its earnings from North America.



The company is well-positioned to capitalize on the electrification trends driven by data centers, mega projects, grid investments and the IRA. Prysmian's potential for capacity expansion further adds to the upside risk, making it a strong contender in the clean energy space.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39087879/what-a-biden-or-trump-victory-might-mean-for-the-energy-sector">What A Biden Or Trump Victory Might Mean For The Energy Sector</a>



Jones highlights that while renewable deployments are expected to grow in 2024, the growth prospects vary across different markets. In the U.S., utility-scale solar projects show promising growth due to extensive backlogs. However, the China solar market might see flat installations due to high comparables from 2023 and grid bottlenecks. Meanwhile, the global wind industry is recovering from years of stagnation, supported by declining input costs and favorable policies.



Despite the anticipated volatility from the upcoming U.S. election cycle and polarized energy policy debates, the long-term growth trajectory of the clean energy sector remains intact. These under-the-radar stocks, with their strategic positioning and growth catalysts, offer substantial upside potential for investors looking to capitalize on the evolving clean energy landscape.



Read Next: 



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve">Powell Praises Latest Inflation Progress, Hints At Imminent Rate Cuts, Warns He&#8217;s &#8216;Very Worried&#8217; About Unsustainable National Debt</a></li>
</ul>



Image: Midjourney

3 Under-the-Radar Clean Energy Stocks With Upside Potential, Regardless Of Who's In The White House

Encore Wire Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) inked a definitive deal to be acquired by&nbsp;Prysmian S.P.A.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PRYMF#OTC">PRYMF</a>) for&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38241943/encore-wire-to-be-acquired-by-prysmian-for-290-00-per-share-in-cash" rel="noreferrer noopener">$290.00 per share in cash</a>.



The transaction price represents a premium of around 20% to the 30-day volume weighted average share price (VWAP) as of Friday, April 12, 2024, and about 29% to the 90-day VWAP as of the same date. It represents a premium of over 11% to Friday&#8217;s closing price of $260.98.



Encore&#8217;s implied Enterprise Value (EV) of around €3.9 billion represents a multiple of 8.2x EV/2023A EBITDA and 6.3x EV/2023A EBITDA, including run-rate synergies.



As per the terms, Encore may solicit alternative acquisition proposals from third parties during a 35-day &#8220;go-shop&#8221; period following the date of execution of the merger agreement.&nbsp;



Prysmian expects the acquisition to&nbsp;generate ~€140 million in run-rate EBITDA synergies, projected within four years from closing.



The transaction is expected to close in the second half of 2024, subject to regulatory approvals, and other customary closing conditions.



Based on pro forma aggregated results for the twelve months ended December 2023, the combined company would have posted net sales of over €17.7 billion and adjusted EBITDA of about €2.1 billion.



Daniel L. Jones, Encore Wire&#8217;s Chairman, President and CEO, said, &#8220;This transaction maximizes value for Encore Wire shareholders and provides an attractive premium for their shares. Encore Wire and Prysmian are two highly complementary organizations, and we anticipate a bright future for Encore Wire as part of Prysmian.&#8221;



Massimo Battaini, Prysmian designated Group CEO, commented, &#8220;Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers. We look forward to welcoming the Encore Wire team to Prysmian and benefitting from the combined company&#8217;s enhanced product offerings and customer relationships.&#8221;



Investors can gain exposure to the stock via&nbsp;Advisor Managed Portfolios Miller Value Partners Appreciation ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVPA#NYSE">MVPA</a>) and&nbsp;The Acquirers Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIG#NYSE">ZIG</a>).



Price Action: WIRE shares traded higher by 8.43% at $282.99 premarket Monday.



Photo via Shutterstock

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday March 17, 2015:

Macerich Rejects $91 Bid from Simon

The Rejection: The Macerich Company (NYSE: <a class="ticker" href="/stock/mac#NYSE">MAC</a>) announced that its Board of Directors, after consulting with its financial and legal advisors, unanimously determined that the unsolicited, conditional proposal from Simon Property Group, Inc. (NYSE: <a class="ticker" href="/stock/spg#NYSE">SPG</a>) to acquire the Company for $91.00 per share in cash and stock substantially undervalues Macerich and is not in the best interests of Macerich and its stockholders.

Simon responded to the rejection by Macerich of Simon's proposal to acquire the outstanding shares of Macerich for $91.00 per share in cash and Simon shares, and Macerich's decision to classify its Board of Directors without a shareholder vote and adopt a poison pill.

Macerich shares closed at $91.60 Tuesday, a loss of 3.5%.


Whiting Shares Spike on Conference Cancellation Rumor

The Rumor: Shares of Whiting Petroleum Corp. (NYSE: <a class="ticker" href="/stock/wll#NYSE">WLL</a>) spiked higher Tuesday, on a unconfirmed market chatter that the company had cancelled out of a conference. There were reports late last week that several companies, including Hess Corporation (NYSE: <a class="ticker" href="/stock/hess#NYSE">HESS</a>), Exxon Mobil Corporation (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Continental Resources, Inc. (NYSE: <a class="ticker" href="/stock/clr#NYSE">CLR</a>), had expressed interest in acquiring all or part of Whiting.

A spokesperson for the company told Benzinga Whiting had not cancelled out of any conference and next had planned to attend the Scotia Howard Weil Energy Conference, which takes place March 22-26.

Whiting shares lost almost 3% Tuesday, closing at $37.62.


Prysmian General Cable
 
The Rumor: Shares of General Cable Corp. (NYSE: <a class="ticker" href="/stock/bgc#NYSE">BGC</a>) spiked sharply higher Tuesday, prior to being halted on a circuit-breaker. Bloomberg reported that Prysmian S.p.A.(OTC: <a class="ticker" href="/stock/prymf#OTC">PRYMF</a>) had held preliminary talks with advisors about acquiring General Cable. Prysmian later told Reuters they were evaluating opportunities, but there are no ongoing discussions with General Cable.

General Cable shares gained 21% Tuesday, closing at $17.73.

Benzinga's M&A Chatter for Tuesday March 17, 2015

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