Verbund : Neutral rating maintained and target price increased from € 42.0 to € 47.0
>The H1 performance was driven by generation and the grid - Yesterday morning Verbund reported its H1 2019 results, which came in a shade above consensus forecasts (see the detailed figures on page 2). H1 benefited from: i/ a hydro coefficient that was, as expected, +11% above the long-term average and +3% higher than in H1 2018; ii/ average realised prices of € 38.5 /MWh, up, as expected, by +€7 /MWh vs H1 2018; iii/ higher-than-expected grid earnings (EBITDA of € 15...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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