The group experienced a slowdown in Q3 compared to H1. The hydro coefficient remained higher than in Q3 18, but was significantly lower than the historically high H1 levels. On the other hand, the group continues to benefit from higher prices on the futures market for wholesale electricity. The group slightly narrow its FY guidance range, so we will adjust our model accordingly, but the impact on the target price should be limited to a low to mid single-digit. We confirm our Sell recommendati
06 Nov 2019
Q3: expected slowdown
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Q3: expected slowdown
VERBUND AG Class A (VER:WBO) | 0 0 (-0.6%) | Mkt Cap: 3,680m
- Published:
06 Nov 2019 -
Author:
Auguste DERYCKX LIENART -
Pages:
3
The group experienced a slowdown in Q3 compared to H1. The hydro coefficient remained higher than in Q3 18, but was significantly lower than the historically high H1 levels. On the other hand, the group continues to benefit from higher prices on the futures market for wholesale electricity. The group slightly narrow its FY guidance range, so we will adjust our model accordingly, but the impact on the target price should be limited to a low to mid single-digit. We confirm our Sell recommendati