Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ERG SPA. We currently have 7 research reports from 1 professional analysts.
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Q4 16 beat expectations but cautious guidance for 2017
10 Mar 17
Q4 16 adjusted EBITDA was €104m (+22% yoy), beating the Q3 guidance (at €440m) and consensus expectations. Net income was €24m (+19% yoy), above consensus and our estimates. 2017 guidance: - EBITDA at c. €430m, lower than the current consensus estimate (at €453m); - Net financial debt at €1.45bn; - Investments at €140m.
Q4 15 and guidance 2016 in line
23 Mar 16
Q4 15 results in line with expectations and guidance: adjusted EBITDA at €86m (+8% yoy) and net profit at €20m (vs. €6m in Q4 14). Management proposes a dividend of €1 per share (o/w €0.5 is exceptional). Guidance 2016 confirmed (in line with the business plan): - EBITDA at c. €440m; - net financial debt at €1.7bn.
Q3 results; ongoing geographical diversification of ERG Renew
12 Nov 15
Guidance for EBITDA 2015 is confirmed at €350m. Net debt is confirmed at €600m (excluding the acquisition of E.on's Italian hydro assets and French and German wind farms). Q3 adjusted revenues were €216m (-16% yoy). Adjusted RC EBITDA was below expectations, at €66m (-17% yoy). By division: 1) Renewables: EBITDA was €45m (-13% yoy), affected by poor wind conditions in Italy (production in Italy -19% yoy, to 361GWH), somewhat offset by new capacity in France (57GWH vs. 18GWH in Q3 14) and Poland (25GWH vs. nil in Q3 14). 2) Power: EBITDA was €27m (-18% yoy), due to lower electricity prices in Sicily (Mucchetti amendment). Adjusted net income, at €19m (+32% yoy), beat expectations thanks to an improvement in the contribution from TotalERG (fuel marketing business). In October, ERG Renew agreed to buy 206MW (o/w 124MW in France, 82MW in Germany): - The acquisition encompasses two companies providing technical assistance on 800MW in France, Germany and Poland; - EV of €297m, equity of €128m. Wind farms financed with limited recourse project financing; - Expected EBITDA contribution: c. €30m in 2016.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.