Verbund : Upside now limited. Neutral vs Buy. Target price raised from € 36 to € 38.
>Q3 earnings were a shade below expectations - Verbund yesterday reported Q3 2016 earnings slightly below forecasts. EBITDA came to € 175m (consensus and Oddo BHF at € 184m), adjusted operating profit to € 92m (consensus at € 97m and Oddo BHF € 99m) and adjusted net profit to € 55m (consensus and Oddo BHF € 56m). As expected, Q3 2018 earnings growth was characterised by a particularly low level of hydraulic power generation. The hydroelectric coefficient representing...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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