RWE is an electricity and gas company. The Conventional Power Generation segment consists of the activities of RWE Power, Essent and RWE npower. The Supply/Distribution Networks Germany segment supplies electricity, gas and heat. The Supply Netherlands/Belgium segment comprises the activities of Essent in the Netherlands. The Supply United Kingdom segment comprises the operations of RWE npower. The Central Eastern and South Eastern European segment contains activities in the Czech Republic, Hungary, Poland, Slovakia, Turkey and Croatia. The Renewables, Upstream Gas & Oil and Trading/Gas Midstream segments include the activities of RWE Innogy, RWE Dea and RWE Supply & Trading, respectively.
  • Ticker703712
  • ISINDE0007037129
  • SectorGas, Water & Multi-utilities
  • CountryGermany

Analysts

Tancrede Fulop

Morningstar | Raising Our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission; Shares Overvalued

We are raising our fair value estimate for RWE to EUR 19.30 from EUR 17.40 and maintaining our no-moat, stable trend ratings after the German coal exit commission released its recommendations on Jan. 26, welcomed by the German government, which must now pass a law to enforce them. Shares are overvalued at current levels. The commission set 2038 as the deadline to end coal-fired power generation in Germany. The commission recommends that by 2022, 12.5 gigawatts of coal generation capacity be shut down, 5 GW of which come from lignite plants and 7.7 GW from hard-coal plants. Between 2022 and 20...

Tancrede Fulop

Morningstar | Raising our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission

Since 2011, RWE has been heavily hit by the collapse of power prices and the upheaval of German energy policy, which led to the dividend cancellation between 2015 and 2018. As of 2016, the backdrop has improved with the rebound of power prices and the EUR 1.7 billion nuclear fuel tax refund in mid-2017. Therefore, RWE paid a EUR 0.50 per share dividend in 2018 plus a a EUR 1 per share special dividend in 2018. After splitting off its noncommodity businesses into Innogy in October 2016, RWE retained only its conventional generation and commodities businesses, along with a 76.8% share of Innogy....

Tancrede Fulop

Raising Our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission; Shares Overvalued

We are raising our fair value estimate for RWE to EUR 19.30 from EUR 17.40 and maintaining our no-moat, stable trend ratings after the German coal exit commission released its recommendations on Jan. 26, welcomed by the German government, which must now pass a law to enforce them. Shares are overvalued at current levels. The commission set 2038 as the deadline to end coal-fired power generation in Germany. The commission recommends that by 2022, 12.5 gigawatts of coal generation capacity be shut...

Tancrede Fulop

Raising our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission

RWE released nine-month results in line with expectations and confirmed full-year targets. We reiterate our fair value estimate of EUR 17.40 per share, along with our no-moat and stable moat trend ratings. Our fair value estimate incorporates a 25% likelihood that the Hambach mine will be closed in the early 2020s, which has a negative valuation impact of EUR 1.5 per share. Shares look overvalued.  EBITDA came in at EUR 1.33 billion, down by 23% versus negative 21% in the first half. Adjusted ne...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2019

The underperformance from Vinci and Eiffage end-2018 appears overdone: motorway traffic has admittedly been penalised by the gilets jaunes (“yellow vests”) movement but visibility remains excellent on cash flow generation with highly attractive valuations (FCF yield of 7% for Vinci and 10% for Eiffage). While M&A risk is henceforth more limited, we are upgrading our recommendation on Vinci to Buy (target price of € 90) but we continue to prefer Eiffage (target price of € 103). - ...

RWE AG: Update to credit analysis

Our credit view of RWE highlighting the company's exposure to generation market and potential transformation in the context of the transaction with E.ON.

RWE AG: Key Facts and Statistics

A summary company profile, detailing RWE AG’s business operations and financial highlights.

RWE AG: Hambach forest ruling credit negative

A short comment on the impact of the court ruling on clearance of Hambach forest.

RWE AG: Update following a rating confirmation at Baa3/Ba2

Our credit view of RWE highlighting the company's exposure to generation market and potential transformation in the context of the transaction with E.ON.

Moody's confirms RWE's Baa3/Ba2 ratings, stable outlook

Moody's Investors Service (Moody's) has today confirmed the Baa3 issuer rating of RWE AG (RWE), and the Ba2 rating of its subordinated hybrid capital securities (the hybrids). The Prime-3 commercial paper ratings were also confirmed. The outlook on all the ratings is stable. This rating ...

Tancrede Fulop

Morningstar | Raising Our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission; Shares Overvalued

We are raising our fair value estimate for RWE to EUR 19.30 from EUR 17.40 and maintaining our no-moat, stable trend ratings after the German coal exit commission released its recommendations on Jan. 26, welcomed by the German government, which must now pass a law to enforce them. Shares are overvalued at current levels. The commission set 2038 as the deadline to end coal-fired power generation in Germany. The commission recommends that by 2022, 12.5 gigawatts of coal generation capacity be shut down, 5 GW of which come from lignite plants and 7.7 GW from hard-coal plants. Between 2022 and 20...

Tancrede Fulop

Morningstar | Raising our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission

Since 2011, RWE has been heavily hit by the collapse of power prices and the upheaval of German energy policy, which led to the dividend cancellation between 2015 and 2018. As of 2016, the backdrop has improved with the rebound of power prices and the EUR 1.7 billion nuclear fuel tax refund in mid-2017. Therefore, RWE paid a EUR 0.50 per share dividend in 2018 plus a a EUR 1 per share special dividend in 2018. After splitting off its noncommodity businesses into Innogy in October 2016, RWE retained only its conventional generation and commodities businesses, along with a 76.8% share of Innogy....

Tancrede Fulop

Raising Our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission; Shares Overvalued

We are raising our fair value estimate for RWE to EUR 19.30 from EUR 17.40 and maintaining our no-moat, stable trend ratings after the German coal exit commission released its recommendations on Jan. 26, welcomed by the German government, which must now pass a law to enforce them. Shares are overvalued at current levels. The commission set 2038 as the deadline to end coal-fired power generation in Germany. The commission recommends that by 2022, 12.5 gigawatts of coal generation capacity be shut...

Tancrede Fulop

Raising our FVE for RWE to EUR 19.30 Upon Outcome of the Coal Exit Commission

RWE released nine-month results in line with expectations and confirmed full-year targets. We reiterate our fair value estimate of EUR 17.40 per share, along with our no-moat and stable moat trend ratings. Our fair value estimate incorporates a 25% likelihood that the Hambach mine will be closed in the early 2020s, which has a negative valuation impact of EUR 1.5 per share. Shares look overvalued.  EBITDA came in at EUR 1.33 billion, down by 23% versus negative 21% in the first half. Adjusted ne...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : Final recommendations from the coal commission in Germany

>Germany to exit coal by 2038 - RWE has published the principal final recommendations of the coal commission in Germany dedicated to climate protection. The commission recommends the closure of 12.5 GW of coal production capacity between 2018 and 2022 (vs 2017). This corresponds to 5 GW for lignite plants and 7.7 GW for coal-fired plants. These figures include the capacity already in the safety reserves (around 1.8 GW) and closures (around 1.4 GW estimated) as well as...

1 director bought

A director at RWE Ag bought 3,800 shares at 20.050EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2019

The underperformance from Vinci and Eiffage end-2018 appears overdone: motorway traffic has admittedly been penalised by the gilets jaunes (“yellow vests”) movement but visibility remains excellent on cash flow generation with highly attractive valuations (FCF yield of 7% for Vinci and 10% for Eiffage). While M&A risk is henceforth more limited, we are upgrading our recommendation on Vinci to Buy (target price of € 90) but we continue to prefer Eiffage (target price of € 103). - ...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/01/2019

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/24/2019

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/01/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Jerôme Bodin
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2018

...

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Nadège Tillier

German coal exit/First draft stipulates a start as soon as 2022

After a nuclear phase-out that should be finalized by 2022, the German utilities sector is preparing itself for a coal and lignite power exit. The main motivation behind the political push for the closure of its most polluting power plants has been the incapacity of the country to reduce its carbon emissions in a significant way. Despite the surge of renewables, Germany will not be able to meet its CO2 target reduction in 2020. The government created a German coal exit commission in order to study the impacts on the energy sector, the economy and labour of a coal power plants shutdown. At the ...

GlobalData Department

RWE AG (RWE) - Power - Deals and Alliances Profile

Summary RWE AG (RWE) is an energy company. It has presence in the energy value chain, from lignite production and electricity generation, to energy trading and operation of distribution networks, and supply of electricity, gas and energy solutions. The company produces electricity using conventional, nuclear, and renewable sources. RWE trades electricity, oil, natural gas, biomass, coal, and CO2 certificates; retails electricity and gas; and sources fuel needed to produce electricity and heat, and markets the electricity generated by its plants. It also plans, builds, and operates renewable e...

GlobalData Department

RWE AG (RWE) - Oil & Gas - Deals and Alliances Profile

Summary RWE AG (RWE) is an energy company. It has presence in the energy value chain, from lignite production and electricity generation, to energy trading and operation of distribution networks, and supply of electricity, gas and energy solutions. The company produces electricity using conventional, nuclear, and renewable sources. RWE trades electricity, oil, natural gas, biomass, coal, and CO2 certificates; retails electricity and gas; and sources fuel needed to produce electricity and heat, and markets the electricity generated by its plants. It also plans, builds, and operates renewable e...

RWE AG (RWE) - Oil & Gas - Deals and Alliances Profile

Summary RWE AG (RWE) is an energy company that generates, transmits and distributes electricity. The company generates electricity using various sources such as gas, hard coal, lignite, nuclear, hydro, biomass and renewables. It also produces oil, gas and lignite; and distributes and supplies gas. The company trades electricity, gas, oil, coal, weather derivatives,CO2 certificates and biomass-based renewable energy. It provides electricity and gas to a diverse customer baseincluding residential, commercial, corporate and industrial customers, and distributors in the domestic and international...

Expert Corporate Governance Service (ECGS)

Proxy Report - 26/04/2018

General: In February 2018, RWE announced a complex EUR 43bn deal to sell Innogy to E.ON, see section 3.1 for details. Items 5 and 6: PwC, Frankfurt am Main, is proposed as auditor for the current financial year as well as for the audit-like review of the financial report for the first half of 2018 and of the quarterly reports for 2018. We have no concerns over the ratio of nonaudit/ audit fees. However, we note that PwC has audited the Company since at least the financial year 1997 (no earlier data available) which exceeds our maximumacceptable term of office. We therefore recommend opposing ...

Jérôme VINERIER

Short term view - RWE : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €16.364, then €14.401. Passing €22.500 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - RWE : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 16,364 €, puis 14,401 €. Le franchissement de 22,500 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - RWE : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €16.364, then €14.401. Passing €22.500 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - RWE : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 16,364 €, puis 14,401 €. Le franchissement de 22,500 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - RWE : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €16.300. A break below €13.600 would challenge the trend.

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