WOOD Flash – Verbund: weaker 2023E guidance, due partially to one-offs – conference call takeaways
Yesterday (16 March), Verbund reported its 4Q22 results. The results were broadly in line with both our estimates and the Bloomberg consensus. There was a small EBITDA beat of 4% vs. the Bloomberg consensus and our EBITDA estimate. The net income was at EUR 705m, 10% less than both our and the Bloomberg estimate. The company proposed a DPS of EUR 3.6, down c.8% vs. our estimate, but 4% higher than the Bloomberg consensus.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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