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EVN provided an update with little change to its 2030 strategy with a modest wind and solar capacity target which remains similar to the previous one. One of the core strategies will be to keep focusing on networks infrastructure in which the group plans to invest €3bn by 2030.
Companies: EVN (EVN:VIE)EVN AG (EVN:WBO)
AlphaValue
Like many peers, EVN reported a strong drop in both power and gas volumes sold between September 2022 and June 2023 amid mild winter conditions and consumers‘ energy saving efforts. However, the group delivered higher achieved prices for power supported by the valuation effects of hedging. The group confirmed its FY23 guidance with net income expected from its operations to be about €250m, plus a €158m dividend from Verbund AG (FY21: 46.1m) in which EVN has a 12.6% stake.
The group, which generates c.80% of its EBITDA on the regulated distribution market, reported a decrease in sales volume in both electricity (-13.5%) and gas (-14.9%) as mild temperatures in Europe decreased consumption. However, sales increased by 3.1% to €2,192.6m supported by positive price effects from renewable electricity generation, valuation effects from hedges and price adjustments.
EVN reported better than expected results, despite persisting distortions on internal energy markets combined with unfavourable framework conditions, with revenues up by 30.3% to €1,174 bn. Although the group managed to benefit from high prices on energy markets and volatility, as well as valuation effects on the hedging positions, it also suffered from mild weather conditions in all markets, leading to lower energy demand, but also from a negative earnings contribution from its energy supply en
EVN reported a decline in the operational result versus the previous year amidst exceptional market conditions that weighed on earnings, and more particularly in the generation and energy business units against the backdrop of the current geopolitical situation and the resulting impact of inflation. Energy supply and networks were once again the two main sectors recording a decrease in EBITDA due to higher procurement costs and impairment losses. These disappointing results, combined with the co
EVN saw its operating figures decline versus the previous year as the group struggled to deal with the significant energy market distortions. The networks and supply activities faced extra costs with a relative inability to pass these through to end-customers, or with a lag on a best-case scenario. The full-year net income guidance was confirmed but the overall message sent to the market was negative. With windfall taxes starting to show their teeth in Austria, cautiousness must prevail.
EVN beat expectations for FY20/21 (September-ending fiscal year), reaching a net result 50% above guidance and 20% above our estimate. Electricity prices, on average 2x higher yoy on the spot market and 3.5x on the forward market, obviously were the main driver. The dividend proposal, €0.52 per share, is 6% higher than our expectation. However, the net result guidance for FY21/22 seems very conservative, 17% and 24% lower than the consensus and our expectations, respectively. Perhaps a little
In line with its first part of the year, EVN released a satisfying 9M 20/21 set of results. EBITDA came in 27.5% higher yoy, ahead of our expectations, driven by weather-related strong volumes in a very positive power price environment. In particular, its exposure to hydro generation and gas networks were key. Business fundamentals are improving, partially explaining the very strong momentum of the stock (+25% since March 2021), even if the equity stake in Verbund is not unrelated. Positive
EVN released a solid set of H! figures (September-ending fiscal year), beating our expectations. The group’s EBIT was up by 10.3% yoy as it benefited from the commissioning of a new wastewater treatment plant in Kuwait, as well as favourable weather conditions in Austria which drove energy prices and volumes higher. FY20/21 guidance confirmed, but now considered to be conservative in the light of the solid start to the year. Positive view confirmed.
EBITDA and EBIT increased by more than 15%, on the back of the recovery of EVN KG and the Energy business line, but also non-recurring elements. Electricity decreased by more than 25%, mainly due to thermal assets, which are on the front line in dealing with the drop in demand – renewables output was roughly stable. The group confirmed its dividend policy.
Companies: EVN AG
FY18/19 results are broadly in line with estimates. Sales were pushed by the growth in renewable generation and higher demand for heat, which offset the lower revenues in the Networks segment and the gradual reduction in thermal electricity production. But, because of higher operating expenses, EBIT grew at a slower pace. Net debt was broadly flat compared to Q3. The guidance of the bottom line is satisfactory.
The group published a mixed set of Q3 figures, operating figures decreased more than expected but the group was able to reduce its net debt and reassure by targeting the higher end of the full-year guidance. Also, the wind capacity expansion is promising and well on track.
EVN released quite a weak set of Q1 results, marked by the lower performance of retail activities following a rise in power prices in Austria, lower networks remuneration and lower capacity payments received for grid stability services. The 2018/19 outlook has been confirmed.
EVN reported a mixed set of FY17/18 results. Sales were down by 6.5% on lower thermal output and warmer weather. However, EBIT was up 13% as it benefited from positive comps (last year’s P&L was impacted by impairment losses in the generation business), lower D&A expenses and lower cost of materials. Net debt decreased by 20%, to €963.7m, allowing gearing to reach 23.5%. Management gave a conservative €160-180m FY18/19 bottom-line guidance.
EVN reported a fairly weak set of H1 results, marked by a strong decrease in thermal electricity generation, lower revenue from natural gas trading and less favourable and lower tariffs in the gas network business in Austria. The group’s conservative FY17/18 targets have been maintained.
Research Tree provides access to ongoing research coverage, media content and regulatory news on EVN AG. We currently have 27 research reports from 1 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Edison
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
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
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
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
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
24th 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: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
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