EVN beat expectations for FY20/21 (September-ending fiscal year), reaching a net result 50% above guidance and 20% above our estimate. Electricity prices, on average 2x higher yoy on the spot market and 3.5x on the forward market, obviously were the main driver. The dividend proposal, €0.52 per share, is 6% higher than our expectation.
However, the net result guidance for FY21/22 seems very conservative, 17% and 24% lower than the consensus and our expectations, respectively. Perhaps a little ....
16 Dec 2021
FY20/21: a beat this year, a miss next year ?
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FY20/21: a beat this year, a miss next year ?
EVN beat expectations for FY20/21 (September-ending fiscal year), reaching a net result 50% above guidance and 20% above our estimate. Electricity prices, on average 2x higher yoy on the spot market and 3.5x on the forward market, obviously were the main driver. The dividend proposal, €0.52 per share, is 6% higher than our expectation.
However, the net result guidance for FY21/22 seems very conservative, 17% and 24% lower than the consensus and our expectations, respectively. Perhaps a little ....