E.ON: Oddo raises TP on encouraging trajectory
(CercleFinance.com) - E.
ON. yesterday reported FY 2020 results that are above expectations, Oddo notes. While adjusted EBITDA was in line with forecasts, at 6,905 million euros, adjusted EBIT (3,776 million euros) was finally higher than both Oddo's expectations (3,735 million euros) and the consensus (3,738 million euros).
For 2021, E.ON. has presented an "encouraging" momentum, the broker says. E.ON. expects EBIT of 3.8-4 billion euros and net profit of 1.7-1.9 billion euros, which leads the broker to revise its 2021 estimates by +5.9% for adjusted EBITDA to E7,241m and by +3.9% for EBIT, expected at 3,916 million euros.
As a result, the broker is confident about the expected return on regulatory assets, saying that as a result, E.ON remains one of the cheapest and safest options to play the energy transition theme in Europe.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
ON. yesterday reported FY 2020 results that are above expectations, Oddo notes. While adjusted EBITDA was in line with forecasts, at 6,905 million euros, adjusted EBIT (3,776 million euros) was finally higher than both Oddo's expectations (3,735 million euros) and the consensus (3,738 million euros).
For 2021, E.ON. has presented an "encouraging" momentum, the broker says. E.ON. expects EBIT of 3.8-4 billion euros and net profit of 1.7-1.9 billion euros, which leads the broker to revise its 2021 estimates by +5.9% for adjusted EBITDA to E7,241m and by +3.9% for EBIT, expected at 3,916 million euros.
As a result, the broker is confident about the expected return on regulatory assets, saying that as a result, E.ON remains one of the cheapest and safest options to play the energy transition theme in Europe.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.