Verbund : Weaker growth prospects than peers
>Recommendation downgraded to Underperform, target price of € 57.5 vs € 55.0 - Despite more favourable market conditions, which have led us to revise upwards our mark-to-market estimates for electricity prices as of 2022, we have only revised up our valuation by 5% to € 57.5. This new target price remains below Verbund's current share price, which in our view suffers from insufficient growth in installed capacity compared to its pure player renewable peers. We are dow...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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