ERG : Renewables replace thermal and hydroelectric
>EPS revised by +27.3%, target price adjusted to € 31.5 and Neutral recommendation - Following the publication of a 2021 performance that came in above our forecasts and the updating of the strategic plan, we have raised our forecasts for EPS for 2022-2027 by 27.3%. To put this change into perspective, note that on 11 February we adjusted our EPS forecast by -16.9% for 2022 and -7.0% for 2023. The group demonstrated its capacity to offset the 1 GW of divested assets (...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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