ERG : 2023 EPS impacted by windfall taxation, but 2026 trajectory intact
>Outperform rating maintained and target price adjusted to € 37 vs € 38.5 - In light of the publication of 2022 results that were in line with our forecasts and those of the consensus on a recurring basis, we are sticking with our Outperform recommendation with the lowering to € 37.0 vs € 38.5 of our target price, still derived from an average between DCF (€ 40.6, WACC of 5% and a perpetual growth rate of 1.80%.1.80%) and a sum-of-the-parts approach (€ 32.7) which tak...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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