Following the announcement of the Innogy deal, we are raising our fair value estimate for RWE by 7% to EUR 20.30 from EUR 19 per share and our E.ON fair value estimate by 7.5% to EUR 8.60 from EUR 8. We think RWE is slightly undervalued, while E.ON is overvalued. The valuation impact for E.ON is better than we initially thought due to synergies above our expectations. Conversely, the valuation impact for RWE is slightly less positive, as RWE's provisions will increase by EUR 2.8 billion as part...
INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 25 September 2017 Contacts Helen Francis 44-20-7772-5422 VP-Sr Credit Officer [email protected] Joanna Fic 44-20-7772-5571 VP-Sr Credit Officer [email protected] Neil Griffiths- Lambeth 44-20-7772-5543 Associate Managing Director [email protected] CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81
INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 11 August 2017 RATINGS E.ON SE Senior Unsecured MTN (Domestic) (P)Baa2 Outlook Stable Source: Moody's Investors Service KEY METRICS: E.ON SE 2014 2015 2016 FFO Interest Cover 4.0x 3.7x 4.3x FFO/net debt 23.4%
  ISSUER COMMENT INFRASTRUCTURE  JUNE 12, 2017  Court Rules that German Utilities Will Get Refund on Nuclear Fuel Tax From Credit Outlook  On 7 June, Germany’s Federal Constitutional Court ruled that a nuclear fuel tax impos
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