ERG : 2019 was an atypical year affected by hydro, 2020 set to be more normative
>Buy rating and target price of € 21.4 maintained - Following the publication of 2019 performances, which were in line with our estimates, we confirm our Buy rating and target price of € 21.4. Our target price is based on an average between a DCF (€ 18.8), a sum-of-the-parts (€ 19.4) factoring in the target of 3.6 GW in 2022 and assuming an increase of 300 MW per year after 2022, and a peer comparison with EDPR, Neoen and Voltalia based on the EV/EBITDA multiple at th...ERG is engaged in the generation of energy from renewable sources and from thermoelectric plants, in the marketing of electricity, steam and gas, in the refining, marketing and distribution of petroleum products both in Italy and abroad. Co., also through its own subsidiaries and joint ventures with primary international operators, operates in the following segments: renewable energy sources, under which Co. operates through its ERG Renew S.p.A. subsidiary in the wind power generation business; power and gas, which includes the production and marketing of electric energy, steam and gas; and refining and marketing, which includes the results of Coastal Refining and Integrated Downstream.
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.
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