Verbund : Slight adjustment to our estimates. Neutral maintained and target price raised to € 40
>Earnings broadly without surprises - Yesterday morning, Verbund reported recurring earnings in line with expectations. EBITDA stood at € 864m (Oddo BHF at € 858m and € 872m for the consensus), underlying operating profit was € 536m (consensus € 552m and Oddo BHF € 521m) and adjusted net profit was € 342m (consensus € 340m and Oddo BHF at € 327m). On reported figures, Verbund benefited, as was already announced on 16 January, from a positive non-recurring effect linke...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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