Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just requalified the general evaluation of INNOGY SE (DE), active in the Multiutilities industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date April 21, 2020, the closing price was EUR 43...
Utilities meet fundamental needs, but are not immune to the public health crisis. Several groups (Encavis, Verbund, Neoen, Suez, Engie and Veolia) have already factored the crisis into or suspended their guidance. Others (Fortum and Naturgy) have not communicated at this stage. Finally, the remaining companies (E.ON, EDF, Iberdrola, Enel, RWE, Nordex and Voltalia) have confirmed their trajectory for 2020. The revisions to our estimates impact a limited number of stocks (EDF, Fort...
Les utilities couvrent des besoins fondamentaux, mais ne sont pas immunes à la crise sanitaire. Plusieurs groupes (Encavis, Verbund, Neoen, Suez, Engie et Veolia) l’ont d’ores et déjà intégrée dans leurs guidances ou les ont suspendues. D’autres (Fortum et Naturgy) n’ont pas communiqué à ce stade. Enfin, les derniers (E.ON, EDF, Iberdrola, Enel, RWE, Nordex et Voltalia) ont confirmé leur trajectoire 2020. Ainsi nos révisions d’estimations impactent un nombre limité de valeurs...
E.ON reported YE19 financial results in line with estimates, as did Innogy a few days ago. The new E.ON group, consolidating Innogy since September 2019, reported 38% revenue growth to €41bn. IFRS EBITDA and EBIT were significantly down, respectively to €3.9bn and €1.4bn including non-operating effects such as restructuring costs (€820m). Extraordinary expenses aside, EBIT reached €3.2bn in 2019 vs. €3bn in 2018. E.ON management's initial expectation was for 2020 EBIT to be in the ra...
L'augmentation des opérations de rachat d’entreprises cotées par des fonds de private equity ne se dément pas. Il faut dire qu’avec les montants records à investir, l’inflation des multiples pour les opérations privées et la faiblesse des taux d’intérêt, l’environnement reste très porteur. Nous avons criblé le Stoxx 600 et interrogé nos analystes à la recherche de futurs candidats. Parmi les 21 que nous recensons, 14 nous paraissent présenter un profil attractif pour le «...
The growth trend in private equity buyouts is continuing unabated. Between the record amounts to be invested, the inflation in the multiples of private equity deals and the low levels of interest rates, the environment is still very buoyant. We have identified future candidates based on a screening of the Stoxx 600 and input from our analysts. Of the 21 stocks found, 14 have an attractive profile for public-to-private deals in our view. Small & midcaps: Applus, Elior, Ipsos, ISS, Fige...
>Results slightly below expectations - Innogy this morning released 9M results slightly below expectations after scope adjustments. The company reported EBIT of € 1,060m vs €1,098m expected and EBT of € 530m vs € 574m expected. Net income after scope effects was in line with expectations at € 212m vs € 214m. By division, grid and infrastructure was slightly below at €1,160m vs €1,183m expected while retail is slightly above expectations at € 161m vs € 140m. A slight d...
>Results slightly below expectations - Innogy this morning released 9M results slightly below expectations after scope adjustments. The company reported EBIT of € 1,060m vs €1,098m expected and EBT of € 530m vs € 574m expected. Net income after scope effects was in line with expectations at € 212m vs € 214m. By division, grid and infrastructure was slightly below at €1,160m vs €1,183m expected while retail is slightly above expectations at € 161m vs € 140m. A slight d...
A director at Innogy Se sold 3,400 shares at 44.912EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
>H1 2019 in line with expectations - Innogy reported H1 2019 results in line with our expectations. EBITDA came in at € 2.139bn (vs Oddo BHF’s estimate of € 2.069bn and consensus forecast of € 2.074bn), -5% y-o-y. EBIT reached € 1.306bn (vs Oddo BHF’s estimate of € 1.315bn and the consensus forecast of € 1.295bn), i.e. -16% y-o-y and adjusted net profit stood at € 488m (vs our estimate of € 495m and the consensus forecast of € 473m), -26% y-o-y. For 2019, innogy co...
>Résultats S1 2019 en ligne avec les attentes - Innogy a publié vendredi matin des résultats S1 2019 en ligne avec nos attentes. L’EBITDA est ressorti à 2.139 Md€ (vs ODDO BHF à 2.069 Md€ et Cs à 2.074 Md€), -5% en yoy, l’EBIT est ressorti à 1.306 Md€ (vs ODDO BHF à 1.315 Md€ et Cs à 1.295 Md€) ou -16% en yoy et le résultat net ajusté à 488 M€ (vs nos estimations à 495 M€ et Cs à 473 M€), -26% en yoy. Pour 2019, Innogy a confirmé sa guidance d'un EBI...
E.ON and Innogy reported their interim report. E.ON management expects the European anti-trust authorities to provide their decision on the merger with Innogy in September 2019. The company has offered remedies to speed up the process. Meanwhile, 1H19 results suffered from a weaker UK retail market and higher pension provisions. The remuneration on German networks is lower since the beginning of the year. Remuneration on Swedish networks is planned to be drastically reduced in the period 2020-20...
>H1 2019 results in line with expectations - Innogy released this morning H1 2019 results in line with our expectations. H1 2019 EBITDA came in at € 2139m vs € 2254m the previous year (ODDO BHF at € 2069m and consensus at € 2074m), EBIT totalled € 1306m vs € 1553m the previous year (Oddo BHF at € 1315m and consensus at € 1295m) and adjusted net income came to € 488m vs € 662m the previous year (ODDO BHF at € 495m and consensus at € 473m). The main gap in EBITD...
>H1 2019 results in line with expectations - Innogy released this morning H1 2019 results in line with our expectations. H1 2019 EBITDA came in at € 2139m vs € 2254m the previous year (ODDO BHF at € 2069m and consensus at € 2074m), EBIT totalled € 1306m vs € 1553m the previous year (Oddo BHF at € 1315m and consensus at € 1295m) and adjusted net income came to € 488m vs € 662m the previous year (ODDO BHF at € 495m and consensus at € 473m). The main gap in EBITD...
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