reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Nadège Tillier
EnBW/Strong 2023 earnings, 2024 low guidance, a too well-known trend
EnBW[de] reported very strong YE23 earnings. The German utility's business model evolves around three pillars: smart infrastructure (sale of gas and power, telecom activities, storage and E-mobility), System Critical Infrastructure (transmission and distribution grids) and Sustainable Generation infrastructure (heating, trading, conventional and renewable energy generation). EnBW's 2023 EBITDA growth (+60% vs 2022) was mainly driven by the company's conventional electricity generation and tradin...
- Nadège Tillier
EnBW/2022 resilience and growth ahead
After E.ON and RWE, EnBW[de] reported 2022 results which proved the resilience of the business model of integrated utilities despite the energy crisis. EnBW's exposure to regulated network activities and renewables brings a certain stability and the tools for growth. However, we also like to underline the relative lack of geographical diversification out of Europe of the German utilities, especially EnBW, compared with direct peers such as Iberdrola, EDP or Engie. EnBW's current bond spreads val...
- Alyssa Gammoudy
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Alyssa Gammoudy
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Jeroen van den Broek
- Timothy Rahill
Corporate Hybrids/Significant value in the hybrid space
Corporate hybrids have been underperforming over the past months and are now looking particularly cheap. We take a look at the regular issuers of corporate hybrids and identify relative value between hybrids. We consider the moves in equity prices, spread over senior and spread over CDS. In many cases, equity prices have gone up for some of these companies, while hybrid spreads have widened significantly. Thus, we expect hybrids to tighten from here.
- Alyssa Gammoudy
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Reason For Caution Various market dynamics have deteriorated recently which leads us to a more neutral outlook for the weeks ahead. For now we do not expect to see a significant correction, however we have reason to believe that this current consolidation period could go on longer than initially expected. Below we explain updates to our outlook. · Deteriorating Market Dynamics: US Dollar & EM Equities. The 92 level has been our key line in the sand on the US dollar (DXY); we have sugge...
PBH PRESTIGE CONSUMER HEALTHCARE INC
EBK ENBW ENERGIE BADEN-WURTTEMBERG AG
RIN VILMORIN & CIE SA
ITP. INTERTAPE POLYMER GROUP INC.
DRX ADF GROUP INC.
WEED CANOPY GROWTH CORPORATION
GLB GLANBIA PLC
A2A A2A S.P.A.
TATACONSUM TATA CONSUMER PRODUCTS LIMITED
3255 HEINEKEN MALAYSIA
9503 KANSAI ELECTRIC POWER COMPANY INCORPORATED
9508 KYUSHU ELECTRIC POWER COMPANY INCORPORATED
02380 CHINA POWER INTERNATIONAL DEVELOPMENT LTD
JSWENERGY JSW ENERGY LTD.
4927 APEX INTERNATIONAL CO. LTD.
00836 CHINA RESOURCES POWER HOLDINGS CO. LTD.
9513 ELECTRIC POWER DEVELOPMENT CO. LTD.
090430 AMOREPACIFIC CORP.
01210 CHRISTINE INTERNATIONAL HOLDINGS
STG STG INTERNATIONAL LTD.
CVU COMPANIA CERVECERIAS UNIDAS S.A.
JBSS3 JBS S.A.
ADANIGREEN ADANI GREEN ENERGY LIMITED
2809 GLOBAL X CHINA CLEAN ENERGY ETF
- Please Change Name Niel Bisset
Moody's: Hybrid bonds to remain core element of EMEA utilities' fundin...
Announcement: Moody's: Hybrid bonds to remain core element of EMEA utilities' funding in 2018. Global Credit Research- 15 Dec 2017. London, 15 December 2017-- In 2018, most hybrid bond issuance by utilities in EMEA will be to refinance hybrid securities approaching their first call date, says Moody's Investors Service in a report published today.
- Please Change Name Helen Francis
Moody's: Deutschland's Strommarkte in den nachsten funf Jahren -- gemi...
Announcement: Moody's: Deutschland's Strommärkte in den nächsten fünf Jahren-- gemilderte Strompreise, Zuwachs an erneuerbaren Energien sowie geplante Kraftwerksschließungen. Global Credit Research- 23 Nov 2017. London, 23 November 2017-- Moderatere Kohlepreise und Zuwachs an erneuerbaren Energien, im Rahmen der nationalen Energiepolitik, werden Deutschland's Strompreisentwicklung, trotz Kraftwerksschließungen, einschränken.
- Please Change Name Helen Francis
Moody's: Germany's electricity market likely to see moderating power p...
Announcement: Moody's: Germany's electricity market likely to see moderating power prices, renewables growth and capacity closures over next five years. Global Credit Research- 22 Nov 2017. London, 22 November 2017-- Moderating coal prices and increasing renewables output, in line with government targets, will constrain wholesale power prices in Germany despite some capacity closures, Moody's Investors Service said in a report today.
- Please Change Name Helen Francis
EnBW Energie Baden-Wuerttemberg AG: Update following recent rating act...
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 31 May 2017 Update RATINGS EnBW Energie Baden-Wuerttemberg AG Domicile Germany Long Term Rating Baa1 Type LT Issuer Rating Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Helen Francis 44-20-7772-5422 VP-Sr Credit Off
- Please Change Name Helen Francis
Moody's downgrades EnBW to Baa1 stable outlook
Rating Action: Moody's downgrades EnBW to Baa1 stable outlook. Global Credit Research- 24 May 2017. London, 24 May 2017-- Moody's Investors Service, has today downgraded to Baa1/ Baa1 from A3/ A3 the long term senior unsecured ratings of EnBW Energie Baden-Wuerttemberg AG, and its guaranteed subsidiary, EnBW International Finance B.V..
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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