Raising Fair Value Estimates for E.ON, RWE After Favorable Court Ruling
We are raising our fair value estimates for E.ON and RWE after Germany's Federal Constitutional Court ruled that the 2011-16 nuclear fuel tax was unconstitutional. We are reaffirming our no-moat and stable moat trend ratings for both companies. We also are reaffirming our operating earnings forecasts for both companies.Our fair value estimate for E.ON is now EUR 11 per share after incorporating a EUR 1 per share benefit due to the likely refund of nuclear fuel cash taxes paid. Our fair value es...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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