Verbund : Expensive valuation. Underperform rating reiterated
>Q1 2020 undershot the consensus - Verbund reported yesterday morning Q1 2021 results below the Bloomberg consensus. EBITDA was down 8.6% to € 302.7m, compared with ODDO BHF's € 303m and the consensus of € 309.7m. EBIT was € 207.9m, down 12.0% against ODDO BHF's € 207m and consensus of € 216m. Net profit was € 144.7m, below our expectations of € 148m and consensus of € 151.3m. As expected, the quarter was marked by: 1/ lower hydroelectric generation (-11.2%) with a h...Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.
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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