E.On Sets 2019 Guidance Slightly Below Expectations; Shares Overvalued
We reiterate our EUR 8.60Â fair value estimate along with our no-moat, negative trend ratings after E.On released 2018 results above our estimates and set 2019 guidance in line with our outlook but slightly below consensus' expectations. The shares look overvalued.Recurring EBIT decreased 3% to EUR 3 billion, in line with guidance, though above consensus' EUR 2.9 billion and our EUR 2.85 billion forecast. Recurring EBIT decreased 33% in the fourth quarter after 11% growth at the end of September...
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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