ERG : 9M 2024 in line, 2024 confirmed and reasonable 2025 EBITDA consensus
>Outperform rating and target price of € 33.3 maintained - The performances at end-September 2024 were in line with our expectations and the consensus. We maintain our Outperform rating based on the group’s particular profile which offers more measured growth than its rivals, a degree of resilience and a yield between 3.5% and 4%, which is unusual in the independent renewable power producer universe. The management confirmed its 2024 guidance and described the 2025 EB...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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