We Lower Our RWE FVE to EUR 17.40 on Additional Negative Information; Shares Fairly Valued
We further reduce our fair value estimate for RWE to EUR 17.40 from EUR 19.30 on additional negative information on the Hambach issue. RWE's reward/risk ratio has sharply deteriorated, but shares look fairly valued after the sell-off. We reiterate our no-moat, stable trend ratings.ÂOn the ZDF TV channel, RWE's CEO mentioned that in the worst-case scenario where RWE is not allowed to clear the forest and must therefore terminate the operations of its Hambach mine in the early 2020s instead of mi...
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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