TRADING BUY: MBTN SW – Battered into numbers, remains a cheap renewable

*Earnings set for Thursday 19th August

*The company announced last week that its ramp-up of PV module production delayed by few weeks which has caused some weakness the last days along with the market sell-off – we believe this is only a minor set back

*We see a 100-200% Upside from here

Catalysts on our list:

*Tech is 30% better than competitors, Samsung out of the race – valuation extremely compelling with price target of CHF 1

*H2 they started production and the ramp up of this will be the next Catalyst

*Own company forecasts for 5 years values the company at CHF 1.4 – assumes half the current multiples in the sector and their WACC

*Goal is to add to position over time as we have high conviction in the name but not very liquid