ERG : Caution is the parent of safety
>Outperform rating maintained and target price adjusted to € 34.5 (vs € 37.0) - Following the publication of 2023 results that came in slightly above our expectations and the provision of cautious 2024 guidance that was lower than anticipated, we maintain our Outperform rating. The management updated its trajectory based on updated current electricity market prices which are on a significantly downward trend and affect around 20% of its production volumes. The 2024 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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