ERG : 9M 2021 results ahead of expectations, but the key point is the execution of the strategic plan
>Neutral recommendation and target price of € 26.5 maintained - Following the publication of its performance to the end of September, which was ahead of our expectations and those of the consensus, the group once again lifted its 2021 guidance for EBITDA, investment and net debt. Despite this good performance, which is mainly due to hydro volumes and higher wholesale prices, we maintain our Neutral opinion and our price target of € 26.5, still based on an average betw...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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