Innogy's Worse-Than-Expected Headwinds Negative for Pro Forma E.On
We reiterate our EUR 40 fair value estimate and no-moat, stable trend ratings for Innogy after the company reported 2018 net debt that was higher than expectations and set 2019 guidance well below expectations. That implies a negative read-across for E.On, which is is due to acquire most of Innogy by year-end. Our fair value estimate for Innogy is in line with the takeover price from E.On.2018 adjusted EBIT decreased 7% to EUR 2.63 billion, below our EUR 2.7 billion forecast though in line with...
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.
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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