Verbund AG

Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.
  • TickerVER
  • ISINAT0000746409
  • ExchangeVienna Stock Exchange
  • SectorElectricity
  • CountryAustria
Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : Reduce maintained and target price lifted to € 39.0 vs € 35.0

>H1 2020 results in line with forecasts - Yesterday morning, Verbund reported H1 2020 earnings that were in line with expectations. EBITDA came to € 639m (ODDO BHF estimate € 649m and FactSet consensus € 636m) and EBIT to € 435m (ODDO BHF € 460m and consensus € 443m). Reported net revenue amounted to € 310m and adjusted net revenue to € 301m in line with expectations. As expected, the first half was marked by a fall in water supplies (hydro coefficient at 0.95 vs 1.11...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : Alléger maintenu et OC relevé à 39.0 € vs 35.0 €

>Des résultats S1 2020 en ligne avec les attentes - Verbund a publié hier matin des résultats S1 2020 conformes aux attentes. L'EBITDA est ressorti à 639M€ (ODDO BHF à 649 M€ et FactSet Consensus à 636M€) et l'EBIT à 435 M€ (ODDO BHF à 460 M€ et consensus à 443 M€). Le revenu net publié s'est élevé à 310 M€ et le revenu net ajusté à 301 M€ en ligne avec les attentes. Comme prévu, le premier semestre a été marqué par une baisse de l'approvisionnement en eau (coefficien...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : Reduce maintained and target price lifted to € 39.0 vs € 35.0

>H1 2020 results in line with forecasts - Yesterday morning, Verbund reported H1 2020 earnings that were in line with expectations. EBITDA came to € 639m (ODDO BHF estimate € 649m and FactSet consensus € 636m) and EBIT to € 435m (ODDO BHF € 460m and consensus € 443m). Reported net revenue amounted to € 310m and adjusted net revenue to € 301m in line with expectations. As expected, the first half was marked by a fall in water supplies (hydro coefficient at 0.95 vs 1.11...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : Alléger maintenu et OC relevé à 39.0 € vs 35.0 €

>Des résultats S1 2020 en ligne avec les attentes - Verbund a publié hier matin des résultats S1 2020 conformes aux attentes. L'EBITDA est ressorti à 639M€ (ODDO BHF à 649 M€ et FactSet Consensus à 636M€) et l'EBIT à 435 M€ (ODDO BHF à 460 M€ et consensus à 443 M€). Le revenu net publié s'est élevé à 310 M€ et le revenu net ajusté à 301 M€ en ligne avec les attentes. Comme prévu, le premier semestre a été marqué par une baisse de l'approvisionnement en eau (coefficien...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : H1 2020 results in line with estimates and bottom of the guidance raised

>H1 results in line with estimates - This morning, Verbund released (at 8.00 a.m.) H1 2020 results in line with estimates. EBITDA came in at € 639m (ODDO BHF at € 649m and FactSet Consensus at € 636m) and EBIT at € 435m (ODDO BHF at € 460m and Consensus at € 443m). Net reported income totalled € 310m and net adjusted income came in at € 301m vs our expectations of € 306m and consensus at € 302m. As expected H1 was impacted by lower water supply with the hydro coeffic...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Verbund : H1 2020 results in line with estimates and bottom of the guidance raised

>H1 results in line with estimates - This morning, Verbund released (at 8.00 a.m.) H1 2020 results in line with estimates. EBITDA came in at € 639m (ODDO BHF at € 649m and FactSet Consensus at € 636m) and EBIT at € 435m (ODDO BHF at € 460m and Consensus at € 443m). Net reported income totalled € 310m and net adjusted income came in at € 301m vs our expectations of € 306m and consensus at € 302m. As expected H1 was impacted by lower water supply with the hydro coeffic...

Teresa Schinwald

Verbund 2Q 20 - Low hydro levels take their toll, outpace higher prices

Verbund's 2Q EBITDA came in bang in line with our forecast and met consensus expectations, as it suffered from low hydro levels and weak spot prices. Higher earnings from flexibility products and grid results deteriorating at a slower pace lent support to earnings and the FY guidance. Surprisingly, given strong spark spreads, Verbund impaired Mellach CCGT (EUR 5.6 mn), as well as the Gries run-of-river power plant (EUR 5.6 mn) and the rights to purchase electricity from the Graz power plant on the Mur River (EUR 3.2 mn) on the rising cost of capital. The financial results recorded net positive...

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...

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 week...

Expert Corporate Governance Service (ECGS)

Verbund - AGM 30 April 2019

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take the opportunity to voice our concerns regarding the remuneration system currently in place at Verbund which we consider has several shortcomings: The target amounts for the short-term incentive (STI) have not been disclosed and the performance criteria are insufficiently disclosed. Furthermore, there is no long-term incentive (LTI) in place for Management Board members. Finally, pension benefits are also insufficiently disclosed. Although we consider the absolute amounts paid to the Management Board me...

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