Verbund : Good H1 earnings. Buy rating and €36 TP maintained.
>Earnings slightly better than expected - Verbund yesterday morning reported H1 earnings slightly ahead of expectations. EBITDA came to € 504m (Oddo BHF € 467m, consensus € 491m) and EBIT reached € 347m (Oddo BHF € 307m, consensus € 329m). EPS amounted to € 0.65, beating forecasts (Oddo € 0.57, consensus € 0.61). The main differences with our EBITDA estimate stem from slightly higher prices (€ 29.3/MWh vs € 29 expected) and slightly higher-than-expected volumes (+0.48...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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