Report
Travis Miller
EUR 101.80 For Business Accounts Only

A nuclear fuel tax refund would strengthen RWE's ability to pay an attractive dividend.

We are reaffirming our EUR 18.50 fair value estimate and no-moat, stable moat trend ratings after RWE reported that it earned EUR 689 million of adjusted earnings, or EUR 1.54 per share, in the first quarter and remains on track to pay a EUR 0.50 per share dividend for 2017.
As we expected, RWE is starting to realize the upside we are forecasting from its conventional generation fleet. Management reaffirmed its full-year adjusted EBITDA guidance of EUR 5.4 billion-EUR 5.7 billion and adjusted ea...
Underlying
RWE AG

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.

Provider
Morningstar
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.

Analysts
Travis Miller

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