Innogy Maintains Full-Year Outlook Thanks to One-Offs; Shares Fairly Valued
We reiterate our fair value estimate of EUR 40 per share, along with our no-moat, stable trend ratings, after Innogy released nine-month results in line with expectations while reaffirming its full-year guidance. Our fair value estimate is in line with the takeover price from E.On. At the end of its extended offer period in late July, E.On had acquired 9.4% of Innogy stock out of total minorities' share of 23.2%. The remaining 13.8% of minorities that did not tender their shares to E.On could be...Innogy SE is a Germany-based company, which is primarily involved in the utilities industry. The Company operates as a provider of electricity and natural gas. The Company's operations are divided into three segments, namely Renewables, Grid and Infrastructure and Retail. The Company operates plants for electricity generation and production from renewable energy sources. The Company is active in Germany, the Netherlands, Austria, Poland, Romania, Croatia, Slovakia, Slovenia, the United Kingdom, among others.
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