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A solid 9M23 with a cumulated €7.8bn of EBITDA that represents about 90% of the maintained full year €8.6-€8.8bn guidance. While we found this guidance relatively cautious at the end of the H1, E.ON decided to maintain it by announcing several headwinds in Q4, citing increased volatility against a backdrop of geopolitical tension and price reductions for electricity and gas consumers.
Companies: E.ON SE
AlphaValue
A very good first semester with strong growth and contributions from the two main businesses of networks and energy supply. E.ON revised upwards its FY23 guidance with the EBITDA outlook increased by €800m (c.10%) in the back of the strong operating performance, one-off effects from market risk buffers release and improved visibility by the end of the year.
A good start to the year for the leading German networks operator, which reported strong operational growth, with a normalization in energy prices supporting both the networks and customer solutions segments. The capex and investment policy seems to be bearing fruit, enabling the group to remain confident in its ability to meet its 2023 outlook through to 2027, although it remains cautious in that the European energy crisis is far from over, highlighting the group’s sensitivity to a potential ri
After a disappointing Q3-2022, which failed to beat estimates, E.On managed to meet its guidance and delivered a stronger-than-expected operational performance amidst a disruptive 2022, driven by energy networks and customer solutions. These solid results confirmed the robust and resilient business model of the German networks operator that has decided to strengthen its strong position in the energy networks and infrastructures business by increasing its investment plans by €6bn by 2027.
E.ON posted another fall in its quarterly results, with a 3% drop in EBITDA. The challenging environment created by the energy crisis prevented E.ON from beating estimates even if the group remains confident in its ability to achieve its FY2022 outlook, despite a temporary earnings shift in the energy networks segment. However, thanks to its resilient model, the group managed to limit the damage and increase the EBITDA in its core business.
E.ON released a relatively reassuring set of half-year results. While the op. performance was still down yoy, the group’s damage control initiatives saw net income come in c.6% above the consensus. The ability to pass-through procurements costs in subsequent quarters will be key and is the focus of attention. In this context, E.ON confirmed all the FY22 guidance. This fits with our current estimates. Our positive view is confirmed but caution is advised.
E.ON’s Q1 22 exhibited relatively weak results due to the inability to pass on higher energy costs fully to end-customers. But the group made a point of showing confidence in its ability to recover these losses in subsequent quarters. Our view is rather cautious, but management’s pitch is convincing and, at least for now, backed by fragile visibility amid regulatory uncertainties. Full-year guidance is confirmed, but one thing is clear: no margin for error in the rest of 2022.
A rather solid set of FY21 results, higher than the consensus but slightly lower than our estimates, is not enough to offset the uncertainties to come. The impact of network losses and a risky exposure to the supply business are likely to tip the balance into negative territory regarding the exposure to soaring energy prices in 2022. Added to the Russian-linked uncertainties (NS1, gas supply), E.ON should remain the persona non grata of cautious investors’ portfolios until there is more visibili
E.ON unveiled its 2026 roadmap. The focus was on capex and network expansion to offset the lower regulated returns in the coming years. In all, nothing surprising, which from a market point of view means disappointment. The fnancial targets are in line with expectations while funding issues prevent further aggressiveness. E.ON is staying the course, business as usual. And this consequently lengthens the road to a rerating.
E.ON released a set of strong but expected 9M 21 results, with adjusted EBIT up by 46%. Positive effects from favourable weather conditions were the main driver. It allows the group to confirm its FY21 guidance, upgraded in H1. Note a substantial improvement on the net debt, even if several one-offs have contributed. Next trigger: the CMD on 23 November 2021.
What if the best solution for the energy transition were … nuclear power? Nuke is back at the heart of political debates in the context of the current energy crisis and massive but insufficient investments in renewables. This short review provides an overview of nuclear power in Europe and speculates on options. This ‘nuke optionality’, hinging on a favourable green taxonomy, is a game-changer for EDF, Centrica, Fortum but also Engie, Iberdrola, Enel and EDP.
The network giant beat estimates by 6% to reach €1.66bn in terms of EBIT (+14% yoy). Indeed, as the main growth driver, E.ON can be fully satisfied with its restructuring plan in the UK which pushed the Customer Solutions business up to return to profitability. Furthermore, all short and mid-term guidances are confirmed. Strengthened by a good start to the year, we stand at the top of targets. Positive view reiterated.
E.on released slightly above expectations FY20 figures, but were globally in line with our estimates. Net income is better but the dividend slightly worse. The impact of COVID-19 remains limited and should be recovered. The good news comes from targets for the next three years that are revised upward. A good point is also on the initiated deleveraging process from 6x to 4.8-5.2x net debt/EBITDA. Our positive view is confirmed.
Compared to H1 19 pro forma, adjusted EBIT was down by 7%, to €2.7bn, due to lower volumes (related to lockdowns) and lower regulated WACC in Sweden. The group revised downwards its FY20 EBIT and net income guidance, the mid-points are down respectively 7% and 11%. However, assuming no further severe lockdowns, the dividend policy as well as the 2022 targets are confirmed. We confirm our positive long-term recommendation on the back of the RAB’s growth potential and expected synergies.
EBIT decreased by 6% to €1.5bn due to lower allowed WACC for assets in Sweden, mild weather in Europe and higher depreciation. In Q1, the impact of COVID-19 was limited. Following EBIT, adjusted net income was down 8% to €691m. In short, the figures are roughly in line with expectations and the group is showing great resilience in the face of current uncertainties.
Research Tree provides access to ongoing research coverage, media content and regulatory news on E.ON SE. We currently have 33 research reports from 2 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
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SP Angel
Companies: Gattaca plc
Liberum
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Companies: James Latham Plc
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.
Companies: Epwin Group PLC
Zeus Capital
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Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
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