ERG : 9M 2023 in line, guidance range narrowed and visibility for 2024
>Outperform rating and target price of € 37.0 maintained - Following the publication of 9M 2023 results that were in line with our expectations and the consensus, we confirm our Outperform rating. Management has lifted the lower end of its EBITDA guidance range (to € 490m - € 520m vs € 480m - € 520m), with an attributable net profit above € 200m. We maintain unchanged our current 2023 estimates, as they are in line with the guidance parameters. The outlook for 2024 wi...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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