Verbund : Guidance too cautious, target price € 42.0 vs € 40.0 – Neutral maintained
>Guidance overly cautious - Verbund has raised the low point of its EBITDA forecast range (see page 2) by +€ 50m, whilst leaving the top point unchanged. As a result, the mid-point of its guidance has been raised by +€ 25m, whilst the group has increased the EBITDA target for its grid activity by +€ 60m. We think that the group’s guidance is too cautious given the strong start to the year for the hydroelectricity business (a hydroelectric coefficient of 1.21 in Q1 and...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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