Verbund : Favourable results but the valuation is overly optimistic
>H1 2021 results topped expectations - Verbund yesterday reported H1 2021 results that beat forecasts. EBITDA came in at € 654.9m (+2.5% y-o-y) vs € 605m forecast and EBIT at € 459.1m (+5.5% y-o-y) vs € 405m forecast by ODDO BHF. Attributable net profit was up by 4.5% to € 324.5m (ODDO BHF at € 275m). This performance is mainly due to:1/ higher realised electricity prices at € 46.6 /MWh (+€ +2.2 y-o-y), 2/ a slightly higher hydro coefficient at 0.96, i.e. 4% below th...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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