E.ON Reaffirms Full-Year Outlook After Solid 2Q Results; Raises Payout Target
We are reaffirming our EUR 11 fair value estimate and no-moat and stable moat trend ratings for E.ON after the company reported half-year results in line with our expectations.A strong profitability improvement in the second quarter offset the delay taken in the first quarter and enabled the group to reaffirm its full-year targets. Half-year EBIT decreased 12% to EUR 1.8 billion while adjusted net income grew 46% to EUR 0.9 billion as a result of lower nuclear provisions accretion. Net debt dec...
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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