ERG : H1 2021 beat expectations, 2021 EBITDA guidance upgraded thanks to the rain
>Neutral recommendation maintained but TP lifted to € 28.9 from € 24.8 - In the wake of the reported H1 2021 figures, which beat our estimates and the consensus, we upgrade our 2021 EPS by 13.6% to integrate management’s upgraded EBITDA guidance. We maintain our Neutral recommendation but raise our target price to € 28.9 from € 24.8. Our TP is the average of a DCF (€ 19.3, 5% WACC and 1.80% growth to perpetuity), an SOP (€ 30.6) which takes into account the 4.7 GW tar...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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