BKW : Short-term headwinds vs long-term opportunities
Despite lowered market expectations for 2026-27 after the recent profit warning, we still fear that consensus estimates are rather ambitious. Together with assumed lower ROCEs due to high investments in the coming years, various regulatory uncertainties (e.g. EU-CH electricity agreement), as well as lower electricity prices and volatilities, we assume limited investors’ appetite for BKW in the short term. We initiate research coverage with a Neutral rating, despite undemanding valuation. Our target price of CHF 160 indicates upside of less than 10%.BKW Energie is a utility company which generates electricity from its own and its subsidiaries' hydro-electric, thermo-electric & nuclear power plants. In addition, Co. offers engineering services. Co. supplies private households and businesses throughout the cantons of Bern, Jura, Neuenburg, Solothurn and Baselland.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.