ERG : Q1 beats expectations, guidance 2021 raised and 2025 business plan adjusted
>Neutral recommendation and target price of € 24.8 maintained - In light of the publication of a Q1 2021 performance that beat our forecasts and those of the consensus, and the investors’ day dedicated to the 2021-2025 strategic plan, we are sticking with our Neutral recommendation and our target price of € 24.8. Our target price is based on an average between a DCF (€ 18.1, WACC of 5% and perpetual growth rate of 1.80%), a sum-of-the-parts (€ 23.2) factoring in the t...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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