ERG : H1 2020 better, EBITDA below forecasts. 2020e EPS adjusted thanks to tax
>Buy recommendation reiterated and target price raised to € 22.8 vs € 21.4 - Following the publication of H1 2020 performances, which were broadly a shade above our estimates, we confirm our Buy recommendation and have raised our target price to € 22.8 (vs € 21.4). Our target price is based on an average between a DCF (€ 24.7), 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 post 2022, and a peer compar...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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