Report
Khaled Ben Amor ...
  • Louis Boujard, CFA

ODDO : Innogy - Neutral maintained, target price lowered to € 31.0 vs € 31.5 E.On - Neutral maintained, target price lowered to € 10.6 vs € 10.7

>Q1 2019 results below forecasts... - Yesterday morning, innogy reported Q1 2019 results, which were below our forecasts and those of the consensus. EBITDA was € 2.254bn (vs ODDO BHF at € 2.283bn and € 2.280bn for the consensus), -12% y-o-y, EBIT was € 964m (vs ODDO BHF at € 1.050bn and € 1.014bn for the consensus) -22% y-o-y and adjusted net profit was € 407m (vs our forecast of € 488m and € 458m for the consensus), -33% y-o-y. For 2019, innogy confirmed its guidance...
Underlyings
E.ON SE

E.ON is an investor-owned energy company. The Generation global unit consists of all Co.'s existing (fossil and nuclear) generation assets in Europe. The Renewables unit is engaged in managing Co.'s carbonsourcing and renewables businesses. The Global Commodities unit buys and sells electricity, natural gas, liquefied natural gas, oil, coal, freight, biomass, and carbon allowances. The Exploration & Production unit is a active in the focus regions of the North Sea (U.K., Norway), Russia and North Africa. The New Build & Technology unit include Co.'s project-management and engineering operations to support the construction of new power plants and the operation of existing plants.

Innogy SE

Innogy SE is a Germany-based company, which is primarily involved in the utilities industry. The Company operates as a provider of electricity and natural gas. The Company's operations are divided into three segments, namely Renewables, Grid and Infrastructure and Retail. The Company operates plants for electricity generation and production from renewable energy sources. The Company is active in Germany, the Netherlands, Austria, Poland, Romania, Croatia, Slovakia, Slovenia, the United Kingdom, among others.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Khaled Ben Amor

Louis Boujard, CFA

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