RWE's Post-Innogy Performance on Track in 2016; Nuclear Payment Looms
We are reaffirming our EUR 18.50 fair value estimate and our no-moat and stable moat trend ratings after RWE announced third-quarter results on track to meet our full-year estimates.Operating profits were down 20% through the first three quarters and adjusted net income was down by more than half from 2015 results during the same period, but both are on track to meet our expectations. We expect consolidated RWE and Innogy to earn EUR 5.5 billion operating profit, at the high end of management's...
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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