The market has been too lenient on RWE's coal risk.
RWE released first-half results above consensus expectations while confirming full-year targets. We reiterate our fair value estimate of EUR 20.30 per share, along with our no-moat, stable trend ratings. Shares look slightly overvalued.ÂEBITDA came in at EUR 1.14 billion, down by 21% and around 4% above consensus expectations. Adjusted net income came in at EUR 683 million, down by 23% but 9% above consensus expectations.Â
The main positive driver during the second quarter was the supply and tr...
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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