ACWA Power 2082ACWA PowerTADAWUL:2082FaisalKSAAfter a significant correction from its all-time high, ACWA Power appears to be entering a base-building phase rather than continuing its previous downtrend. Fundamental View The latest financial results continue to reflect a company investing for long-term growth rather than maximizing short-term earnings. Key observations: * Book Value Per Share continues to improve, indicating stronger shareholders’ equity. * EBITDA remains resilient despite the recent moderation in profitability. * The company continues expanding its global project pipeline across renewable energy, water desalination, and green hydrogen. * Several major projects have already entered commercial operation, while others are expected to contribute gradually over the coming years. * Although ROE and ROA have softened, this is largely consistent with a capital-intensive growth strategy. In my opinion, the market is currently pricing near-term earnings more heavily than the long-term cash flow potential of these projects. My estimated fair value remains around SAR 220–250, assuming project execution continues as planned. Technical View Technically, the stock has stabilized after a prolonged decline and is now attempting to establish a higher base. * Buyers defended the recent lows successfully. * Trading volume increased during the rebound, suggesting renewed institutional interest. * Momentum indicators have started to improve, although confirmation is still required. Important levels: * Building Zone: SAR 193–180 * Strong Demand Zone: SAR 180–164 * Major Resistance: SAR 212–215 A confirmed breakout above the resistance zone could open the door toward the SAR 220–250 target range. Conclusion As long as the company’s fundamentals remain intact and project execution continues, I believe the recent correction has significantly improved the long-term risk/reward profile.