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.
Frequency of research reports
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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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.