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A solid 9M23 with a cumulated €7.8bn of EBITDA that represents about 90% of the maintained full year €8.6-€8.8bn guidance. While we found this guidance relatively cautious at the end of the H1, E.ON decided to maintain it by announcing several headwinds in Q4, citing increased volatility against a backdrop of geopolitical tension and price reductions for electricity and gas consumers.
Companies: E.ON SE
AlphaValue
A very good first semester with strong growth and contributions from the two main businesses of networks and energy supply. E.ON revised upwards its FY23 guidance with the EBITDA outlook increased by €800m (c.10%) in the back of the strong operating performance, one-off effects from market risk buffers release and improved visibility by the end of the year.
A good start to the year for the leading German networks operator, which reported strong operational growth, with a normalization in energy prices supporting both the networks and customer solutions segments. The capex and investment policy seems to be bearing fruit, enabling the group to remain confident in its ability to meet its 2023 outlook through to 2027, although it remains cautious in that the European energy crisis is far from over, highlighting the group’s sensitivity to a potential ri
After a disappointing Q3-2022, which failed to beat estimates, E.On managed to meet its guidance and delivered a stronger-than-expected operational performance amidst a disruptive 2022, driven by energy networks and customer solutions. These solid results confirmed the robust and resilient business model of the German networks operator that has decided to strengthen its strong position in the energy networks and infrastructures business by increasing its investment plans by €6bn by 2027.
E.ON posted another fall in its quarterly results, with a 3% drop in EBITDA. The challenging environment created by the energy crisis prevented E.ON from beating estimates even if the group remains confident in its ability to achieve its FY2022 outlook, despite a temporary earnings shift in the energy networks segment. However, thanks to its resilient model, the group managed to limit the damage and increase the EBITDA in its core business.
E.ON released a relatively reassuring set of half-year results. While the op. performance was still down yoy, the group’s damage control initiatives saw net income come in c.6% above the consensus. The ability to pass-through procurements costs in subsequent quarters will be key and is the focus of attention. In this context, E.ON confirmed all the FY22 guidance. This fits with our current estimates. Our positive view is confirmed but caution is advised.
E.ON’s Q1 22 exhibited relatively weak results due to the inability to pass on higher energy costs fully to end-customers. But the group made a point of showing confidence in its ability to recover these losses in subsequent quarters. Our view is rather cautious, but management’s pitch is convincing and, at least for now, backed by fragile visibility amid regulatory uncertainties. Full-year guidance is confirmed, but one thing is clear: no margin for error in the rest of 2022.
A rather solid set of FY21 results, higher than the consensus but slightly lower than our estimates, is not enough to offset the uncertainties to come. The impact of network losses and a risky exposure to the supply business are likely to tip the balance into negative territory regarding the exposure to soaring energy prices in 2022. Added to the Russian-linked uncertainties (NS1, gas supply), E.ON should remain the persona non grata of cautious investors’ portfolios until there is more visibili
E.ON unveiled its 2026 roadmap. The focus was on capex and network expansion to offset the lower regulated returns in the coming years. In all, nothing surprising, which from a market point of view means disappointment. The fnancial targets are in line with expectations while funding issues prevent further aggressiveness. E.ON is staying the course, business as usual. And this consequently lengthens the road to a rerating.
E.ON released a set of strong but expected 9M 21 results, with adjusted EBIT up by 46%. Positive effects from favourable weather conditions were the main driver. It allows the group to confirm its FY21 guidance, upgraded in H1. Note a substantial improvement on the net debt, even if several one-offs have contributed. Next trigger: the CMD on 23 November 2021.
What if the best solution for the energy transition were … nuclear power? Nuke is back at the heart of political debates in the context of the current energy crisis and massive but insufficient investments in renewables. This short review provides an overview of nuclear power in Europe and speculates on options. This ‘nuke optionality’, hinging on a favourable green taxonomy, is a game-changer for EDF, Centrica, Fortum but also Engie, Iberdrola, Enel and EDP.
The network giant beat estimates by 6% to reach €1.66bn in terms of EBIT (+14% yoy). Indeed, as the main growth driver, E.ON can be fully satisfied with its restructuring plan in the UK which pushed the Customer Solutions business up to return to profitability. Furthermore, all short and mid-term guidances are confirmed. Strengthened by a good start to the year, we stand at the top of targets. Positive view reiterated.
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.
Compared to H1 19 pro forma, adjusted EBIT was down by 7%, to €2.7bn, due to lower volumes (related to lockdowns) and lower regulated WACC in Sweden. The group revised downwards its FY20 EBIT and net income guidance, the mid-points are down respectively 7% and 11%. However, assuming no further severe lockdowns, the dividend policy as well as the 2022 targets are confirmed. We confirm our positive long-term recommendation on the back of the RAB’s growth potential and expected synergies.
EBIT decreased by 6% to €1.5bn due to lower allowed WACC for assets in Sweden, mild weather in Europe and higher depreciation. In Q1, the impact of COVID-19 was limited. Following EBIT, adjusted net income was down 8% to €691m. In short, the figures are roughly in line with expectations and the group is showing great resilience in the face of current uncertainties.
Research Tree provides access to ongoing research coverage, media content and regulatory news on E.ON SE. We currently have 0 research reports from 2 professional analysts.
The significant fund raising announced on 1 May has now completed, raising a total of £57.38m which will see the company to net cash generation and support the scale up of the business ahead of the launch of the next-generation Mistral flow battery. With this new offering in the market and a stronger balance sheet, we see the company unlocking sales and bigger deals as power markets globally address the need for flexibility to balance growing deployment of intermittent renewables.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Progressive Equity Research
Norcros is the UK’s leading design-led sustainable kitchen and bathroom products group. Its compelling investment case was highlighted at its May 2024 capital markets day (CMD), where its unique, asset-light, design-led model was clearly illustrated. The CMD also indicated the enormous scale of the opportunity that is available in terms of entering adjacent unaddressed markets in the UK and South Africa, as well as the potential presented by other attractive geographies. Furthermore, revised med
Companies: Norcros plc
Edison
Xeros’s FY2023 results are largely as expected with adj. LBITDA of -£4.6m and year-end cash both in-line with our forecasts. Tight cost control ensured cash utilisation averaged c.£400k/month whilst management continued to drive commercial progress. Xeros is now well capitalised with a further £1.7m raised through the exercise of warrants and a £4.7m fundraise complete. The focus for FY2024E and beyond is on executing on the existing pipeline of opportunities including the launch of Yilmak’s den
Companies: Xeros Technology Group Plc
Cavendish
Canaccord Genuity
In its pre-close FY24 trading update, Accsys stated that trading in Q424 was better than expected and cost saving measures are on track to deliver more than €3m annually. Management now expects adjusted group FY24 EBITDA to be higher than consensus of €2.5m. It also commented that the construction of the Accoya USA plant is still on track to begin commercial operations in mid-2024 and it is committed to make a decision on the Tricoya project in the UK in H125. On higher estimates, our discounted
Companies: Accsys Technologies PLC
Galliford Try hosted its Capital Markets Event (CME) yesterday at which it introduced its new targets through FY30 based on executing the unchanged Sustainable Growth Strategy which has proven so successful. The key new targets are a divisional operating margin of 4.0% and revenue in excess of £2.2bn which implies compound revenue growth of 7% pa from FY23, more than doubling at the divisional operating profit level which would be on track to hit c£90m in FY30. That in turn is expected to drive
Companies: Galliford Try Holdings PLC
Capital Access Group
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Payment of the £2m milestone payment connected to the 230MW first Uskmouth battery project brings helpful cash to SAE following the completion of earthworks at the site. A further £2.4m is expected in two tranches over the next 12 months. The location remains important to SAE with further battery development potential and the company is actively developing over 1GW of storage capacity.
Companies: SIMEC Atlantis Energy Ltd.
Quadrise (QED LN) has signed a Commercial Framework Agreement with OCP, its industrial client in Morocco where extensive trials have been carried out. The agreement demonstrates intent towards commercial production of QED’s products with a focus on MSAR potentially across a number of sites.
Companies: Quadrise PLC
VSA Capital
Van Elle’s FY24 profit (April y/e) is expected to be in line with market expectations, confirming a resilient performance during tough market conditions. Aligning to the figures in today’s statement, we increase FY24 revenue by 1% to £140m and net cash (ex. leases) by 27% to £5.5m, with underlying PBT unchanged at £5.0m. We continue to believe Van Elle has substantial growth opportunities in sectors such as energy, water and rail (including internationally), as well as being well positioned to b
Companies: Van Elle Holdings Plc
Zeus Capital
EQTEC have announced a fundraise for c.£850k to support the company’s working capital position. The raise follows the refinancing of the company’s term loan as EQTEC looks to gain a firmer financial footing as it continues to move towards its capital light technology licensing model.
Companies: EQTEC PLC
Hercules has released a positive H1 trading update, with revenue up 27% YoY to c.£47m and growth delivered across all three of the group’s divisions (Labour Supply, Civil Projects, Specialist Plant Services). Trading remains in-line with expectations for the full year as demand for infrastructure remains robust. We leave our forecasts unchanged, but note that Hercules has already achieved 49% of our FY24E revenue projections (vs an average of 42%/58% H1/H2 split over the past three years), which
Companies: Hercules Site Services Plc
28th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Accrol Group Holdings (ACRL.L) has left AIM. China Nonferrous Gold Limited (CNG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused o
Companies: QED ZOO ING INSP KRS STX EQT CEG LND
Hybridan
Companies: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
SP Angel
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