EVN Earnings Preview FY 2019/20 - Results seen at upper end of guidance; outlook expected flat
EVN is scheduled to report its FY 2019/21e result on December 16, 2020. We expect a net result at the upper end of the guidance range of EUR 180-200 mn, as pandemic effects should be comparatively low in the third calendar quarter and EVN so far suffered only minor declines from lower energy consumption in lockdown quarters. Also, hedge valuation and impairment test results should be low compared to last year, as EVN would have reported these by now. We remind that adjusted for one-offs, 2018/19 net income was EUR 197 mn while our current forecast implies an adjusted net income of EUR 213 mn for 2019/20e, marking an 8% increase yoy.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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