Innogy : 2018 results in line – disappointing 2019 guidance – Neutral recommendation with a lower target price of € 31.50
>2018 results in line with expectations – 2018 guidance delivered - Yesterday morning, Innogy reported FY 2018 results in line with our estimates and those of the consensus. EBITDA came to € 4.097bn (vs Oddo BHF at € 4.185bn and consensus at € 4.162bn), -5% y-o-y, EBIT reached € 2.63bn (vs Oddo BHF € 2.643bn and consensus € 2.647bn) or -7% y-o-y, and adjusted net income came to € 1.026bn (vs our estimate of € 1.028bn and consensus € 1.074bn), -16% y-o-y. As such, t...Innogy SE is a Germany-based company, which is primarily involved in the utilities industry. The Company operates as a provider of electricity and natural gas. The Company's operations are divided into three segments, namely Renewables, Grid and Infrastructure and Retail. The Company operates plants for electricity generation and production from renewable energy sources. The Company is active in Germany, the Netherlands, Austria, Poland, Romania, Croatia, Slovakia, Slovenia, the United Kingdom, among others.
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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