On the back of a hydro coefficient above the long-term average and higher average contract prices, the adjusted EBITDA increased by 9.2% (in line with expectations) and, thanks to lower financial costs, the adjusted group result increased by 11.2% (slightly above expectations). The dividend proposal of €0.75/share is perfectly in line with expectations but implies a non-significant yield. FY21 is disappointing; we therefore confirm our negative recommendation.
17 Mar 2021
Disappointing FY21 guidance
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Disappointing FY21 guidance
- Published:
17 Mar 2021 -
Author:
Nicolas Bouthors -
Pages:
3
On the back of a hydro coefficient above the long-term average and higher average contract prices, the adjusted EBITDA increased by 9.2% (in line with expectations) and, thanks to lower financial costs, the adjusted group result increased by 11.2% (slightly above expectations). The dividend proposal of €0.75/share is perfectly in line with expectations but implies a non-significant yield. FY21 is disappointing; we therefore confirm our negative recommendation.