RWE Releases 2018 Results Below Expectations, Uncertainties High; Shares Overvalued
RWE released 2018 results below expectations on the bottom line and set 2019 targets also below expectations. We reiterate our EUR 19.30 fair value estimate along with our no-moat, stable trend ratings. The equity story comprises high uncertainties such as the re-establishment of U.K. capacity payments and the level of compensation for coal plant and lignite mine closures in Germany. The shares look overvalued.RWE's stand-alone EBITDA decreased 26% to EUR 1.52 billion, slightly shy of our and c...
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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