ERG : Le BPA 2023 est impacté par la fiscalité, mais la trajectoire 2026 demeure
>Opinion Surperformance maintenue et OC ajusté à 37 € vs 38.5 € - Au regard de la publication des résultats 2022 en ligne avec nos attentes et celles du consensus sur une base récurrente, nous maintenons notre opinion Surperformance mais ajustons marginalement notre objectif de cours à 37.0 € vs 38.5 €, toujours fondé sur une moyenne entre un DCF (40.6 €, CMPC de 5% et taux de croissance à l’infini de 1.80%), une somme des parties (32.7 €) qui prend en compte l’object...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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