Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ERG SPA. We currently have 6 research reports from 1 professional analysts.
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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.
ERG buys E.ON’s Italian hydroelectric portfolio
07 Aug 15
ERG has agreed to buy E.ON's Italian hydroelectric business for €0.95bn. Assets: 16 power plants, 7 dams, 3 reservoirs and a pumping station. The average annual output is c. 1.4TWh (1.8TWh in 2014). ERG will finance the deal with part of its cash and a €700m loan. The acquisition is still subject to anti-trust approval. Q2 15 results: adjusted revenues were at €222m (-11% yoy). Adjusted RC EBITDA came in at €86m (+15% yoy). By division (ex corporate): 1) Renewables: EBITDA was €62m (flattish yoy); 2) Power: EBITDA came in at €30m (+20% yoy). Adjusted EBIT at replacement cost was €46m (+35%), and the adjusted net result was €23m (vs. €10m in Q2 14). The adjusted net debt was at €477m (vs. €409m in Q2 14). Guidance on EBITDA 2015 is raised to €350m (from €330m), net debt at €600m (from €530m) without the impact of the E.ON transaction, capex at €230m (vs. €120m to account for the wind acquisition.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –
19 Dec 16
600 GROUP | ACCSYS TECHNOLOGIES | AGGREGATED MICRO POWER HLDGS PLC | ALUMASC GROUP | ANGLO-EASTERN PLANTATIONS | AVINGTRANS PLC | CAPITAL DRILLING LTD | CARCLO | FENNER PLC | FLOWTECH FLUIDPOWER PLC | GLOBAL INVACOM GROUP LTD | GOOCH & HOUSEGO PLC | HARDIDE PLC | HAYWARD TYLER GROUP PLC | IOFINA PLC | M.P.EVANS GROUP | R.E.A. HLDGS PLC | REDT ENERGY PLC | RENOLD | ROBINSON | SOMERO ENTERPRISE INC | SURFACE TRANSFORMS PLC | TRANSENSE TECHNOLOGIES PLC | TRIFAST | ZAMBEEF PRODUCTS