ERG : Anti-trust authorities reject sale of CCGT to Enel
>Outperform rating and € 38.5 target price maintained - Despite the decision by the anti-trust authorities not to allow the sale of the Priolo Gargallo combined cycle gas turbine to Enel, we are maintaining our Outperform rating and our target price of € 38.5, based on the average between a DCF (€ 43.7, WACC of 5% and perpetual growth rate of 1.80%), a SOTP (€ 30.2) which takes account of the 4.6 GW target in 2026, and a peer comparison based on the EV/EBITDA multiple...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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