RWE's 1Q Affected by Poor Trading Performance, FY Targets Maintained; Shares Fairly Valued
We reiterate our fair value estimate of EUR 20.30 for RWE, along with our no-moat, stable trend ratings, after the group released first-quarter results a bit shy of consensus expectations while confirming full-year targets. Shares look fairly valued.ÂOn a stand-alone basis, EBITDA fell by 42% to EUR 299 million. The supply and trading business' EBITDA unexpectedly dropped from EUR 146 million to a loss of EURÂ 24 million. Still, the group confirms its full-year target of EBITDA in a EUR 100 mill...
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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