RWE Maintains Full-Year Targets and Hedging Is Improving, but Risk/Reward Profile Is Unappealing
RWE released nine-month results in line with expectations and confirmed full-year targets. We reiterate our fair value estimate of EUR 17.40 per share, along with our no-moat and stable moat trend ratings. Our fair value estimate incorporates a 25% likelihood that the Hambach mine will be closed in the early 2020s, which has a negative valuation impact of EUR 1.5 per share. Shares look overvalued.ÂEBITDA came in at EUR 1.33 billion, down by 23% versus negative 21% in the first half. Adjusted ne...
RWE is an electricity and gas company. The Conventional Power Generation segment consists of the activities of RWE Power, Essent and RWE npower. The Supply/Distribution Networks Germany segment supplies electricity, gas and heat. The Supply Netherlands/Belgium segment comprises the activities of Essent in the Netherlands. The Supply United Kingdom segment comprises the operations of RWE npower. The Central Eastern and South Eastern European segment contains activities in the Czech Republic, Hungary, Poland, Slovakia, Turkey and Croatia. The Renewables, Upstream Gas & Oil and Trading/Gas Midstream segments include the activities of RWE Innogy, RWE Dea and RWE Supply & Trading, respectively.
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