Ambrian Capital expects strong value creation from SeaEnergy unit sale

Sea Energy’s (LON:SEA) wind power business is worth more than the group’s market value on London’s AIM market, according to Ambrian Capital's clean-tech analyst Gurpreet Gurjral.
In a note to investors Gurjral said he would be reviewing his valuation and rating for SeaEnergy in the near term.
Earlier this year the company decided to sell the SeaEnergy Renewables (SERL) subsidiary, which has a stake in three UK offshore wind farm projects.

In last week’s interim results the company told investors that it expects the sale to be completed during 2010.

“The value of the group will be determined through the sales of its stake in SeaEnergy Renewables,” Gurjral said.
“We anticipate there being significantly more value attributable to SERL’s ownership interest in the Scottish Round and UK Round three assets, beyond the equity value of the SeaEnergy plc AIM Listing.”