Innogy SE

Innogy SE is a Germany-based company, which is primarily involved in the utilities industry. The Company operates as a provider of electricity and natural gas. The Company's operations are divided into three segments, namely Renewables, Grid and Infrastructure and Retail. The Company operates plants for electricity generation and production from renewable energy sources. The Company is active in Germany, the Netherlands, Austria, Poland, Romania, Croatia, Slovakia, Slovenia, the United Kingdom, among others.
  • TickerA2AADD
  • ISINDE000A2AADD2
  • SectorGas, Water & Multi-utilities
  • CountryGermany

Analysts

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2019

...

Khaled Ben Amor ...
  • Louis Boujard

ODDO : Innogy - Neutral maintained, target price lowered to € 31.0 vs € 31.5 E.On - Neutral maintained, target price lowered to € 10.6 vs € 10.7

>Q1 2019 results below forecasts... - Yesterday morning, innogy reported Q1 2019 results, which were below our forecasts and those of the consensus. EBITDA was € 2.254bn (vs ODDO BHF at € 2.283bn and € 2.280bn for the consensus), -12% y-o-y, EBIT was € 964m (vs ODDO BHF at € 1.050bn and € 1.014bn for the consensus) -22% y-o-y and adjusted net profit was € 407m (vs our forecast of € 488m and € 458m for the consensus), -33% y-o-y. For 2019, innogy confirmed its guidance...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2019

...

Khaled Ben Amor ...
  • Louis Boujard

ODDO : Innogy Neutre maintenu avec un OC révisé à 31.0 € vs 31.5 € E.ON Neutre maintenu avec un OC révisé à 10.6 € vs 10.7 €

>Résultats T1 2019 en dessous des attentes… - Innogy a publié hier matin ses résultats du T1 2019, inférieurs à nos estimations et aux attentes du consensus. L’EBITDA ressort à 2.254 Md€ (vs ODDO BHF à 2.283 Md€ et cs à 2.280 Md€), -12% en yoy, l’EBIT ressort à 964 M€ (vs ODDO BHF à 1 050 M€ et cs à 1 014 M€) ou -22% en yoy et le résultat net ajusté est de 407 M€ (vs nos estimations à 488 M€ et cs à 458 M€), -33% en yoy. Pour 2019, Innogy a confirmé sa guidance d'un E...

Tancrede Fulop

Morningstar | Innogy Reports a Poor Start to 2019 and Confirms FY Guidance

We reiterate our fair value estimate of EUR 40 per share along with our no-moat, stable trend ratings after Innogy released first-quarter results slightly below consensus' expectations and reiterated its full-year guidance. Our fair value estimate is in line with the takeover price from E.On. Headwinds experienced by Innogy's retail businesses, which will be acquired by E.On, highlight the weak rationale of the deal with RWE for the latter. Adjusted EBIT tumbled by 22% to EUR 0.96 billion. As expected, the main negative driver was U.K. retail business Npower, which posted an EBIT loss of EUR ...

Moody's: Germany's electricity market likely to see moderating power prices, renewables growth and capacity closures over next five years

Announcement: Moody's: Germany's electricity market likely to see moderating power prices, renewables growth and capacity closures over next five years. Global Credit Research- 22 Nov 2017. London, 22 November 2017-- Moderating coal prices and increasing renewables output, in line with government targets, will constrain wholesale power prices in Germany despite some capacity closures, Moody's Investors Service said in a report today.

innogy SE: Combining SSE's and innogy's British retail supply businesses will reduce business risk

INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 13 November 2017 What is  Moody’s Credit Outlook ? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. Contacts Graham W Taylor +44.20.7772.5206 VP-Sr Credit Officer [email protected] Helen Francis +44.20.7772.5422 VP-Sr Credit Officer helen.

innogy SE: Discussion of Key Credit Factors

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 18 July 2017 Update RATINGS innogy SE Domicile Germany Long Term Rating Baa2 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Helen Francis 44-20-7772-5422 VP-Sr Credit Officer helen.fr

Moody's assigns a Prime-2 rating to innogy's EUR3 billion CP programme.

Rating Action: Moody's assigns a Prime-2 rating to innogy's EUR3 billion CP programme. Global Credit Research- 17 Jul 2017. London, 17 July 2017-- Moody's Investors Service has today assigned a Prime-2 short term rating to the EUR3 billion Commercial Paper programme of innogy SE.

Moody's assigns a Prime-2 rating to innogy's EUR3 billion CP programme.

Rating Action: Moody's assigns a Prime-2 rating to innogy's EUR3 billion CP programme. Global Credit Research- 17 Jul 2017. London, 17 July 2017-- Moody's Investors Service has today assigned a Prime-2 short term rating to the EUR3 billion Commercial Paper programme of innogy SE.

Khaled Ben Amor ...
  • Louis Boujard

ODDO : Innogy - Neutral maintained, target price lowered to € 31.0 vs € 31.5 E.On - Neutral maintained, target price lowered to € 10.6 vs € 10.7

>Q1 2019 results below forecasts... - Yesterday morning, innogy reported Q1 2019 results, which were below our forecasts and those of the consensus. EBITDA was € 2.254bn (vs ODDO BHF at € 2.283bn and € 2.280bn for the consensus), -12% y-o-y, EBIT was € 964m (vs ODDO BHF at € 1.050bn and € 1.014bn for the consensus) -22% y-o-y and adjusted net profit was € 407m (vs our forecast of € 488m and € 458m for the consensus), -33% y-o-y. For 2019, innogy confirmed its guidance...

Khaled Ben Amor ...
  • Louis Boujard

ODDO : Innogy Neutre maintenu avec un OC révisé à 31.0 € vs 31.5 € E.ON Neutre maintenu avec un OC révisé à 10.6 € vs 10.7 €

>Résultats T1 2019 en dessous des attentes… - Innogy a publié hier matin ses résultats du T1 2019, inférieurs à nos estimations et aux attentes du consensus. L’EBITDA ressort à 2.254 Md€ (vs ODDO BHF à 2.283 Md€ et cs à 2.280 Md€), -12% en yoy, l’EBIT ressort à 964 M€ (vs ODDO BHF à 1 050 M€ et cs à 1 014 M€) ou -22% en yoy et le résultat net ajusté est de 407 M€ (vs nos estimations à 488 M€ et cs à 458 M€), -33% en yoy. Pour 2019, Innogy a confirmé sa guidance d'un E...

Tancrede Fulop

Morningstar | Innogy Reports a Poor Start to 2019 and Confirms FY Guidance

We reiterate our fair value estimate of EUR 40 per share along with our no-moat, stable trend ratings after Innogy released first-quarter results slightly below consensus' expectations and reiterated its full-year guidance. Our fair value estimate is in line with the takeover price from E.On. Headwinds experienced by Innogy's retail businesses, which will be acquired by E.On, highlight the weak rationale of the deal with RWE for the latter. Adjusted EBIT tumbled by 22% to EUR 0.96 billion. As expected, the main negative driver was U.K. retail business Npower, which posted an EBIT loss of EUR ...

Tancrede Fulop

Innogy Reports a Poor Start to 2019 and Confirms FY Guidance

We reiterate our fair value estimate of EUR 40 per share along with our no-moat, stable trend ratings after Innogy released first-quarter results slightly below consensus' expectations and reiterated its full-year guidance. Our fair value estimate is in line with the takeover price from E.On. Headwinds experienced by Innogy's retail businesses, which will be acquired by E.On, highlight the weak rationale of the deal with RWE for the latter. Adjusted EBIT tumbled by 22% to EUR 0.96 billion. As ex...

Khaled Ben Amor ...
  • Louis Boujard
  • Philippe Ourpatian

Innogy : Q1 2019 results below expectations –2019 guidance confirmed

>Q1 2019 results below expectations - Innogy this morning released Q1 2019 results below our expectations and the consensus. Q1 2019 EBITDA came in at € 1,385m vs € 1,582m one year ago (ODDO BHF at € 1,696m and consensus € 1,373m), EBIT was € 964m vs € 1,236m in Q1 2018 (ODDO BHF at € 1,050m and consensus € 1,014m) and adjusted net income came to €407m vs € 610m in Q1 2018 (ODDO BHF at € 488m and consensus € 458m). All Innogy core businesses show a decline on a y1eo1ey ...

1 director bought

A director at Innogy Se bought 790 shares at 38.194EUR and the significance rating of the trade was 53/100. 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...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2019

...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2019

La probabilité d’occurrence des risques majeurs identifiés par le marché (guerre commerciale, hard landing chinois, resserrement monétaire) a effectivement reculé. Le début d’année très dynamique des indices reconnait cet état de fait avec des niveaux qui flirtent avec nos objectifs de fin d’année (Stoxx 600 revu à 379 points). Dans ce contexte, favoriser les secteurs qui combinent : rerating des PE inférieurs à celui du marché, résilience des prévisions de BPA 2019e et 2020e non refl...

INNOGY SE reduced its risk exposure resulting in an upgrade to Slightly Positive

INNOGY SE (DE), a company active in the Multiutilities industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date October 5, 2018, the closing price was EUR 38.54 and its potential was estimated at EUR 42.93.

ING
Nadège Tillier

E.ON/Customer Solutions still the problem, curve fairly priced/STABLE

E.ON's EBIT fell to €1,175m in 1Q19, down €109m YoY. While renewables activities brought in an additional €40m, the Customer Solutions divisions registered a €173m decline. The price cap in the United Kingdom and higher grid fees and gas procurement costs in Germany were the main factors behind the underperformance. As a result of the new IFRS 16 rules, economic net debt as calculated by the company reached €18.9bn (vs.€16.6bn at YE18). Despite this expected weak quarter, the company's full year 2019 targets are maintained with EBIT at €2.9-3.1bn and adjusted net income €1.4-1.6bn. Management ...

ING
Nadège Tillier

Green bonds/There is no such thing as perfect green

The financial markets registered an equivalent of €93bn of new issued self-labelled green bonds in 2018. The volume is slightly lower than in 2017 that saw the amount of new green bonds reaching over the €100bn bar (c.€105bn). However, we expect 2019 to be another strong year driven by financial institutions and political initiatives. For investors, there is still the expectation of a more diversified green bond market. Looking at corporates (excluding financial institutions), Utilities still dominate issuance by far. We expect (inaugural) green bonds from other corporates belonging to other s...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/LeasePlan, Vodafone, Innogy

LeasePlan (LPTY) 3Q18 earnings were impacted by the impairment the company took on the value of its Turkish business. Additionally, the profit from disposal from vehicles continued to decline. That said, on an underlying basis the company improved its net profit and its capital position improved. We don't expect the 3Q18 numbers to have a large effect on the company's secondary bond spreads.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Coca-Cola, Casino, Eandis and Innogy

Casino Guichard-Perrachon (COFP) was downgraded to BB this morning at S&P, which retains the negative outlook. S&P said that Casino's leverage remained high over the past two years, while the group's financial flexibility is hampered by event risk and near-term debt maturities at parent Rallye (RALFP). Casino's rating is linked to that of the overall group, but Casino is rated in line with its stand-alone credit profile, which is higher due to Casino being partly insulated from a credit point of view, according to S&P. (For full story, please download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Coca-Cola to buy UK's Costa Coffee for £3.9bn

Coca-Cola (KO) agreed to buy UK-based Costa Coffee for £3.9bn (or 16.4x EBITDA for the year ending 1 March) from Whitbread, giving the company access to the coffee segment, which shows high growth of 6% according to Coca-Cola's press release. The deal is expected to close in 1H19. Given that no detailed financial information was provided we view this news as spread neutral for now. (For full story, download report)

Expert Corporate Governance Service (ECGS)

Innogy - AGM 30 April 2019

General: Supervisory Board member Marc Tüngler is Chief Managing Director of DSW, the local partner of ECGS. Furthermore, Supervisory Board members Dr. Rolf Pohlig and Ulrich Grillo are members of the Presidency of DSW. This report has been prepared using standard ECGS guidelines. In February 2018, RWE announced a complex EUR 43bn deal to sell Innogy to E.ON, see section 3.1 for details. Item 2: The dividend proposed by the Boards is covered by adjusted free cash flow but not by earnings. Last year, we raised our concerns over the fact that the dividend was not covered by neither EPS nor adj...

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