ERG : 2023 slightly better than expectations, 2024 guidance below consensus
>2023 slightly above expectations - The company has just released its figures for 2023, which are slightly above our expectations and market estimates. Recurring EBITDA came in at € 520m (+3.5%), slightly higher the € 500m we expected and the FactSet consensus average (€ 508m). This earnings trend is mainly due to the scope effect, and new capacities put on stream in a context of lower prices captured during the period compared to the particularly high prices of the s...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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