RWE's Near-Term Outlook Tops Our Forecast; Engie Deal Would Be Good For Shareholders
We are reaffirming our EUR 18.50 fair value estimate and no-moat and stable moat trend ratings after RWE management gave a more positive 2017 outlook than we expected, albeit in line with our long-term forecasts that drive the bulk of our value. Management's bullish 2017 outlook could help the market reset expectations more in line with our estimates.In addition, French utility Engie might be eyeing RWE's recent spin-off, Innogy, based on recent reports. We think this is a low-probability event...
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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