Rationale of the acquisition of Most of Innogy is Weak for E.On
We reiterate our fair value estimate of EUR 8.6, along with our no-moat, negative trend ratings after E.On released first-quarter results in line with expectations and maintained its full-year guidance. Shares are overvalued.EBIT decreased by 8% to EUR 1.18 billion and adjusted net income dropped by 11% to EUR 650 million, both in line with consensus expectations. On the negative side, customer solutions' EBIT plunged by 44% to EUR 219 million, mainly because of harsh business conditions in the...
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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