EVN 3Q 19/20 - Surprisingly resilient results, guidance confirmed
Despite recording significantly lower revenues in the wake of the economic downturn (-3.6% yoy in electricity volumes, -9% in gas) and weak conditions for renewables generation (-19% yoy), EVN recorded improving EBITDA (incl. at-equity results) thanks to a) lower hedging valuation losses in the Energy business, b) RAG profiting from record gas-storage levels and c) lower energy procurement cost. Results came in well ahead of our expectations.EVN is an energy and environmental services provider. Co.'s segments include: generation, which is engaged in electricity generation; energy trade and supply, which is engaged in the procurement of electricity; network infrastructure Austria, which is engaged in the operation of regional electricity and natural gas networks; energy supply South East Europe, which is engaged in operation of electricity networks and electricity, and energy trading; environmental services segment, which is engaged in among others, drinking water supply, as well as international project business; and strategic investments and other business segment, which is engaged in strategic and other investments.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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