ERG : 2020 an atypical year, but 2021 EBITDA guidance disappointing
>Recommendation downgraded to Neutral and target price adjusted to € 24.80 (vs € 22.80) - Following the 2020 results publication which came in a shade below our forecasts but in line with the consensus, we are lowering our recommendation on the stock to Neutral vs Outperform. The 2021 EBITDA guidance (€ 480m-€ 500m) came in below our initial expectations and those of the consensus. This trajectory is mainly explained by tariff effects (exit from subsidised mechanisms)...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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