E.ON's Uniper Spin-Off Launches as Expected
We plan to cut our fair value estimate for E.ON to EUR 10 per share from EUR 11 following the share distribution and public listing of Uniper, in line with what we published most recently in August and first estimated in April. We are reaffirming our no-moat and stable moat trend ratings for E.ON. We do not plan to cover Uniper for now, and thus will not publish a fair value estimate.We are reaffirming our EUR 11 per share, or EUR 21 billion, combined equity value for legacy E.ON plus Uniper. T...
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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