ERG : Short take-off
>Outperform vs Neutral and target price of € 35.3 vs € 31.5 - Following Erg’s Q1 2022 release, which beat our expectations, based on the inflationary price environment and the 2022 EBITDA guidance upgrade of € 50m, we have again raised our 2022-2027 EPS sequence by 33.8% on average. The group has shown its capacity to offset 1 GW of asset disposals (hydro and CCGT) through new renewable projects over a 12-month period. Based on the inflationary electricity price envir...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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