ERG : Q1 2020 in line, 2020 guidance adjusted for resources and COVID-19
>Buy rating and target price of € 21.4 maintained - Following the publication of Q1 2020 performances, which were broadly in line with our estimates, we confirm our Buy rating and target price of € 21.4. Our target price is based on the 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 post 2022, and a peer comparison with EDPR, Neoen and Voltalia based on the EV/EBITDA mul...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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