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.
24 Mar 2021
Good year, better outlook: all lights are green
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Good year, better outlook: all lights are green
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.