Morningstar - Innogy SE (IGY) SSE and Innogy Scrap Merger of U.K. Retail Arms; SSE Deeply Undervalued

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Morningstar

Tancrede Fulop

EUR 100.00 For Business Accounts Only

SSE and Innogy Scrap Merger of U.K. Retail Arms; SSE Deeply Undervalued

SSE and Innogy announced on Dec. 17 that they will scrap their plan to merge their U.K. retail energy activities. They were unable to reach an agreement on "revised commercial terms" to provide sufficient cash collateral to get an "appropriate credit rating" against a tough backdrop marked by the default tariff cap and fierce competition. We reiterate our fair value estimate of GBP 1,380 per share and our narrow moat, stable trend ratings for SSE. The deep undervaluation of the shares offsets th...

17/12/2018 13 EN

Underlying

Innogy SE

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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DE000A2AADD2 Germany

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Tancrede Fulop

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SSE and Innogy Scrap Merger of U.K. Retail Arms; SSE Deeply Undervalued

Monthly LMI Update Independent Investment Research

An unfavourable environment weighs on INNOGY SE, which sees a downgrade to Neutral

ODDO : Although it is of great utility, the sector is not immune

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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