E.ON is an investor-owned energy company. The Generation global unit consists of all Co.'s existing (fossil and nuclear) generation assets in Europe. The Renewables unit is engaged in managing Co.'s carbonsourcing and renewables businesses. The Global Commodities unit buys and sells electricity, natural gas, liquefied natural gas, oil, coal, freight, biomass, and carbon allowances. The Exploration & Production unit is a active in the focus regions of the North Sea (U.K., Norway), Russia and North Africa. The New Build & Technology unit include Co.'s project-management and engineering operations to support the construction of new power plants and the operation of existing plants.
  • TickerEOAN
  • ISINDE000ENAG999
  • SectorGas, Water & Multi-utilities
  • CountryGermany
Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/13/2020

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Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/08/2020

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Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Solid profitability in H1 2020

>H1 2020 results a shade above expectations - Yesterday morning, E.ON reported H1 2020 earnings that were in line with expectations. EBITDA was € 3,656m (+0.2% y-o-y), stable but a shade above expectations (ODDO BHF at € 3,545m and the consensus at € 3,611m). EBIT was € 2,162m (-7% y-o-y) compared to € 2,109m forecast (ODDO BHF/consensus). Adjusted net income was down 11% y-o-y to € 933m, but slightly ahead of expectations, at € 872m forecast by ODDO BHF and € 905m b...

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Performance solide au S1 2020

>Résultats S1 2020 légèrement au-dessus des attentes - E.ON a publié hier matin des résultats S1 2020 conformes aux attentes. L’EBITDA est ressorti à 3 656 M€ (+0.2% yoy), stable mais légèrement supérieur aux attentes (ODDO BHF à 3 545 M€ et consensus à 3 611 M€). L'EBIT est ressorti à 2 162M€ (-7% yoy) contre 2 109 M€ attendus (ODDO BHF/consensus). Le résultat net ajusté est ressorti en baisse de 11%yoy à 933 M€, mais légèrement supérieur aux attentes, 872 M€ atten...

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Good H1 + magnitude of earnings revision in line with expectations

>Results slightly above expectations - E.on this morning posted interim earnings in line with expectations. The group posted a stable EBITDA of € 3,656m slightly above expectations at € 3,545m/€ 3,611m (ODDO BHF/ consensus). EBIT recorded a drop of 7% to € 2,162m but still above expectation at € 2,109m € 2140m (ODDO BHF/consensus). All told, adjusted net income also came in slightly above expectations at € 933m (-11%) compared with € 872m/€ 905m expected. No surprise...

Jérôme VINERIER

Short term view - E.ON : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €9.050. The next target is at €7.629, then €7.245. Passing €9.050 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - E.ON : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 9,050 € prochainement. Le prochain objectif est à 7,629 €, puis 7,245 €. Le franchissement de 9,050 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - E.ON : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 7,629 €. La tendance de fond serait remise en cause en cas de franchissement de 9,050 €.

Jérôme VINERIER

Short term view - E.ON : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €7.629. The background trend would be questioned should prices rise above €9.050.

Valérie GASTALDY

Medium term view - E.ON : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €8.400. A break below €7.652 would challenge the trend.

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Solid profitability in H1 2020

>H1 2020 results a shade above expectations - Yesterday morning, E.ON reported H1 2020 earnings that were in line with expectations. EBITDA was € 3,656m (+0.2% y-o-y), stable but a shade above expectations (ODDO BHF at € 3,545m and the consensus at € 3,611m). EBIT was € 2,162m (-7% y-o-y) compared to € 2,109m forecast (ODDO BHF/consensus). Adjusted net income was down 11% y-o-y to € 933m, but slightly ahead of expectations, at € 872m forecast by ODDO BHF and € 905m b...

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Performance solide au S1 2020

>Résultats S1 2020 légèrement au-dessus des attentes - E.ON a publié hier matin des résultats S1 2020 conformes aux attentes. L’EBITDA est ressorti à 3 656 M€ (+0.2% yoy), stable mais légèrement supérieur aux attentes (ODDO BHF à 3 545 M€ et consensus à 3 611 M€). L'EBIT est ressorti à 2 162M€ (-7% yoy) contre 2 109 M€ attendus (ODDO BHF/consensus). Le résultat net ajusté est ressorti en baisse de 11%yoy à 933 M€, mais légèrement supérieur aux attentes, 872 M€ atten...

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Good H1 + magnitude of earnings revision in line with expectations

>Results slightly above expectations - E.on this morning posted interim earnings in line with expectations. The group posted a stable EBITDA of € 3,656m slightly above expectations at € 3,545m/€ 3,611m (ODDO BHF/ consensus). EBIT recorded a drop of 7% to € 2,162m but still above expectation at € 2,109m € 2140m (ODDO BHF/consensus). All told, adjusted net income also came in slightly above expectations at € 933m (-11%) compared with € 872m/€ 905m expected. No surprise...

Louis Boujard, CFA ...
  • Philippe Ourpatian

E.ON : Good H1 + magnitude of earnings revision in line with expectations

>Results slightly above expectations - E.on this morning posted interim earnings in line with expectations. The group posted a stable EBITDA of € 3,656m slightly above expectations at € 3,545m/€ 3,611m (ODDO BHF/ consensus). EBIT recorded a drop of 7% to € 2,162m but still above expectation at € 2,109m € 2140m (ODDO BHF/consensus). All told, adjusted net income also came in slightly above expectations at € 933m (-11%) compared with € 872m/€ 905m expected. No surprise...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Centrica cède Direct Energy à NRG Energy : quel read-X sur l’Europe ?

>Centrica cède sa commercialisation américaine d’énergies à NRG Energy - Centrica a annoncé la cession de sa filiale Direct Energy qui commercialise de l’énergie (électricité et gaz) aux Etats-Unis au groupe américain NRG Energy. La valeur d’entreprise de la transaction ressort à 3 625 M$. Direct Energy est l’un des plus importants fournisseurs de détail d’électricité, de gaz naturel en Amérique du Nord. Direct Energy a son siège social à Houston, au Texas, et des bur...

E.ON SE: Update to credit analysis

Our credit view of E.ON, reflecting a defensive business profile but also weaker credit metrics following a complex asset swap with RWE.

E.ON SE: Update following affirmation of Baa2 rating

Our credit view of E.ON, reflecting a defensive business profile, partly offset by weaker credit metrics following a complex asset swap with RWE.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/E.ON

Utilities: E.ON plans to acquire Innogy's remaining minority shares, bonds now fairly priced

ING
Nadège Tillier

Utilities green bonds/There is more to green bonds than just a marketing tool

With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate sector. This makes sense when we know that the Energy sector is responsible for the largest part of t...

ING
Nadège Tillier

E.ON and Innogy/Regulatory and UK pain will continue

E.ON and Innogy reported their interim report. E.ON management expects the European anti-trust authorities to provide their decision on the merger with Innogy in September 2019. The company has offered remedies to speed up the process. Meanwhile, 1H19 results suffered from a weaker UK retail market and higher pension provisions. The remuneration on German networks is lower since the beginning of the year. Remuneration on Swedish networks is planned to be drastically reduced in the period 2020-2023. Despite the fact that the companies' share price resisted after the expected weak results, we co...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/13/2020

...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/08/2020

...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Louis Boujard, CFA ...
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

E ON SE sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of E ON SE (DE), a company active in the Multiutilities industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 30, 2020, the closing price was EUR 9.97 and its potential was estimated at EUR 11.05.

Systematic Idea - Long E.On (EOAN GY) & August long only picks - 4 Aug

Long E.ON (EOAN GY) E.On’s restructuring is well underway as it positions itself as a renewable energy company. Its strong record of generating free cash flows and the refund of €2.4 billion in nuclear taxes has bolstered their deleveraging plans and strengthened their balance sheet. Net margins have been improving over the last few years & the stronger balance sheet provides E.On more flexibility. The company is fairly insulated from commodity price swings while the externalization of nuclear-waste liabilities improves both E.On’s risk profile and net income. An increased dividend payout ra...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

E.ON – AGM 28 May 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by (electronic) postal vote or by granting authority to the proxies designated by the Company.   General: Supervisory Board member Ulrich Grillo is a member of the Presidency of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines.   Item 2: We recommend to oppose the Com...

Expert Corporate Governance Service (ECGS)

E.ON - AGM 14 May 2019

General: In March 2018, E.ON and RWE announced a complex EUR 43bn deal, see section 3.1 for details. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.43 per share which corresponds to a payout ratio of 26.86% per share. The dividend is covered by earnings but is not covered by free cash flow. We note that over the past four years, the dividend has not been covered by earnings and moreover has not been covered by free cash flow already in financial year 2016. ECGS believes that dividends should be covered by consolidated earnings and/or free cash flow and supported by...

E.on.Se – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 09/05/2018

General: In February 2018, E.ON and RWE announced a complex EUR 43bn deal, see section 3.1 for details. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.30 per share which corresponds to a payout ratio of 16.30% per share. The dividend is covered by earnings but is not covered by free cash flow. We note that over the past three years, the dividend has not been covered by earnings and moreover has not been covered by free cash flow already in financial year 2016. ECGS believes that dividends should be covered by consolidated earnings and/or free cash flow and supporte...

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