E.ON: H1 2018 metrics broadly in line with expectations; FY 2018 guidance confirmed
E.ON: (BUY, Fair Value EUR11 (+14%))H1 2018 metrics broadly in line with expectations; FY 2018 guidance confirmed
E.ON unveiled this morning H1 2018 adjusted EBIT up c. 10% yoy and c. 2% above expectations. Adjusted net income was also c. 3% above expectations. Adjusted for a positive Q2 one-off in its Energy Networks division, E.ON’s performance would have been broadly in line with expectations, despite still some difficulties in the highly challenging UK retail market. FY 2018 guidance has been confirmed. More granularity could be given during today’s earnings conference call on the innogy’s operation following the end of the PTO. Buy recommendation confirmed with unchanged FV of EUR11.0/share (14% upside).
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.
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