E.On Delivers 1Q Results Above Expectations While Reaffirming Its FY Targets; Shares Overvalued
We reiterate our fair value estimate of EUR 8.60 per share after E.On released first-quarter results above expectations, while reaffirming its full-year targets of adjusted EBIT in a range of EUR 2.8 billion-EUR 3 billion and adjusted net income in a range of EUR 1.3 billion-EUR 1.5 billion. This is roughly in line with our expectations of EUR 2.85 billion and EUR 1.46 billion, respectively. We do not plan to change our forecasts following the results, and currently view shares as overvalued.ÂA...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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