Verbund : Reduce maintained and target price lifted to € 39.0 vs € 35.0
>H1 2020 results in line with forecasts - Yesterday morning, Verbund reported H1 2020 earnings that were in line with expectations. EBITDA came to € 639m (ODDO BHF estimate € 649m and FactSet consensus € 636m) and EBIT to € 435m (ODDO BHF € 460m and consensus € 443m). Reported net revenue amounted to € 310m and adjusted net revenue to € 301m in line with expectations. As expected, the first half was marked by a fall in water supplies (hydro coefficient at 0.95 vs 1.11...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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