Verbund 4Q 19 - Low & wide guidance already reflects coronavirus scenarios
Verbund's 4Q 19 results soared yoy on the back of higher prices but fell short of RCBe and consensus estimates. Also, EBIT was supported by the reversal of impairments in Austria, Germany, Romania and Albania (hydro and wind assets) to the tune of EUR 47 mn, while the adj. net result of EUR 95.7 mn remained close to reported figures due to participation asset remeasurements of similar size (EUR 40 mn before taxes).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.
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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