ERG : Une résilience avérée, mais toujours de la croissance à venir
>Opinion Achat réitérée et OC à 22.8 € maintenu - A l’issue de la présentation des performances du 9M 2020, globalement un peu inférieures à nos estimations, essentiellement en raison d’amortissements plus élevés qu’anticipé, nous confirmons notre opinion Achat et notre objectif de cours à 22.8 €. Ce dernier résulte d’une moyenne entre un DCF (22.5 €), une somme des parties (20.5 €) qui prend en compte l’objectif de 3.6 GW en 2022 ainsi qu’une hypothèse de progression...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.