ENCAVIS AG

ENCAVIS AG stands in the renewable-power corner of the market, where the real work is owning and operating wind and solar assets rather than selling a flashy consumer product. By our assessment, that makes it easy to understand at a high level: this is infrastructure investing with a green energy profile. The strength is the clarity of the model, because wind parks and solar farms are concrete assets with long horizons. The downside is the same thing, since such businesses are tied to regulation, weather, financing, and long payback periods. In practice they are boring in the useful way: steady, technical, capital-heavy, and not made for quick excitement. It sits closer to utilities and project owners than to ordinary industrial companies. The business is plain old power generation, just under a listed corporate roof.