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

Tancrede Fulop

Morningstar | Acquisition of Innogy's Networks and Retail Activities by E.On to be Completed in Second-Half 2019

Innogy was created in 2016 by the spin-off of RWE's distribution, renewables, and supply activities. RWE retained 77% of Innogy's capital after the spin-off.Under a March 2018 agreement, E.On will acquire all of RWE's stake in Innogy. In return, RWE will receive a participation of 17% in E.On and most of E.On's renewables business, while RWE will keep Innogy's renewables and gas storage business. E.On will carry out a 20% capital increase and get a EUR 1.5 billion cash payment from RWE. Last but not least, E.On intends to buy out Innogy's 23% minorities at EUR 40 per share, consisting of an of...

Tancrede Fulop

Acquisition of Innogy's Networks and Retail Activities by E.On to be Completed in Second-Half 2019

We reiterate our EUR 40 fair value estimate and no-moat, stable trend ratings for Innogy after the company reported 2018 net debt that was higher than expectations and set 2019 guidance well below expectations. Innogy also unexpectedly cut its dividend to EUR 1.40 from EUR 1.60, which is negative for parent RWE. That implies a negative read-across for E.On, which is is due to acquire most of Innogy by year-end. Our fair value estimate for Innogy is in line with the takeover price from E.On. 2018...

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...

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 – DETAILED COMMENTS 03/14/2019

The likelihood of the major risks identified by the market actually materialising (trade war, Chinese hard landing, monetary tightening) has receded. The dynamic gains by the indexes at the start of the year reflect this and they are flirting with our year-end targets (Stoxx 600 revised to 379 points). Against this backdrop, investors should favour sectors that combine: re1eratings in terms of PE lower than that for the market, and resilience in 2019e and 2020e EPS forecasts not reflec...

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

Innogy : 2018 results in line – disappointing 2019 guidance – Neutral recommendation with a lower target price of € 31.50

>2018 results in line with expectations – 2018 guidance delivered - Yesterday morning, Innogy reported FY 2018 results in line with our estimates and those of the consensus. EBITDA came to € 4.097bn (vs Oddo BHF at € 4.185bn and consensus at € 4.162bn), -5% y-o-y, EBIT reached € 2.63bn (vs Oddo BHF € 2.643bn and consensus € 2.647bn) or -7% y-o-y, and adjusted net income came to € 1.026bn (vs our estimate of € 1.028bn and consensus € 1.074bn), -16% y-o-y. As such, t...

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.

Tancrede Fulop

Morningstar | Acquisition of Innogy's Networks and Retail Activities by E.On to be Completed in Second-Half 2019

Innogy was created in 2016 by the spin-off of RWE's distribution, renewables, and supply activities. RWE retained 77% of Innogy's capital after the spin-off.Under a March 2018 agreement, E.On will acquire all of RWE's stake in Innogy. In return, RWE will receive a participation of 17% in E.On and most of E.On's renewables business, while RWE will keep Innogy's renewables and gas storage business. E.On will carry out a 20% capital increase and get a EUR 1.5 billion cash payment from RWE. Last but not least, E.On intends to buy out Innogy's 23% minorities at EUR 40 per share, consisting of an of...

Tancrede Fulop

Acquisition of Innogy's Networks and Retail Activities by E.On to be Completed in Second-Half 2019

We reiterate our EUR 40 fair value estimate and no-moat, stable trend ratings for Innogy after the company reported 2018 net debt that was higher than expectations and set 2019 guidance well below expectations. Innogy also unexpectedly cut its dividend to EUR 1.40 from EUR 1.60, which is negative for parent RWE. That implies a negative read-across for E.On, which is is due to acquire most of Innogy by year-end. Our fair value estimate for Innogy is in line with the takeover price from E.On. 2018...

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

Innogy : 2018 results in line – disappointing 2019 guidance – Neutral recommendation with a lower target price of € 31.50

>2018 results in line with expectations – 2018 guidance delivered - Yesterday morning, Innogy reported FY 2018 results in line with our estimates and those of the consensus. EBITDA came to € 4.097bn (vs Oddo BHF at € 4.185bn and consensus at € 4.162bn), -5% y-o-y, EBIT reached € 2.63bn (vs Oddo BHF € 2.643bn and consensus € 2.647bn) or -7% y-o-y, and adjusted net income came to € 1.026bn (vs our estimate of € 1.028bn and consensus € 1.074bn), -16% y-o-y. As such, t...

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

Innogy : Résultats 2018 en ligne – Guidance 2019 décevante – Neutre avec OC abaissé à 31,50 €

>Résultats 2018 en ligne avec les attentes – Guidance 2018 atteinte - Innogy a publié hier matin ses résultats annuels 2018, en ligne avec nos estimations et celles du consensus. L’EBITDA ressort à 4 097 M€ (vs Oddo BHF à 4 185 M€ et Cs à 4 162 M€), -5% en yoy, l’EBIT ressort à 2 630 M€ (vs Oddo BHF à 2 643 M€ et Cs à 2 647 M€) ou -7% en yoy et le bénéfice net ajusté est de 1 026 M€ (vs nos estimations à 1 028 M€ et Cs à 1 074 M€), -16% en yoy. De ce fait, le groupe ...

Tancrede Fulop

Morningstar | Innogy's Worse-Than-Expected Headwinds Negative for Pro Forma E.On

We reiterate our EUR 40 fair value estimate and no-moat, stable trend ratings for Innogy after the company reported 2018 net debt that was higher than expectations and set 2019 guidance well below expectations. Innogy also unexpectedly cut its dividend to EUR 1.40 from EUR 1.60, which is negative for parent RWE. That implies a negative read-across for E.On, which is is due to acquire most of Innogy by year-end. Our fair value estimate for Innogy is in line with the takeover price from E.On. 2018 adjusted EBIT decreased 7% to EUR 2.63 billion, below our EUR 2.7 billion forecast though in line ...

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...

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...

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 – DETAILED COMMENTS 03/14/2019

The likelihood of the major risks identified by the market actually materialising (trade war, Chinese hard landing, monetary tightening) has receded. The dynamic gains by the indexes at the start of the year reflect this and they are flirting with our year-end targets (Stoxx 600 revised to 379 points). Against this backdrop, investors should favour sectors that combine: re1eratings in terms of PE lower than that for the market, and resilience in 2019e and 2020e EPS forecasts not reflec...

Alfred Glaser ...
  • Delphine Brault
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/18/2018

...

Alfred Glaser ...
  • Delphine Brault
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/12/2018

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

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

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)

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

Coffee, Croissants & Credit/Innogy 1H18 results somewhat disappointing

Utilities • Innogy's (IGYGY) 1H18 results were below 1H17 and somewhat disappointing. The company's 1H18 EBIT fell 10% to €1,553m, while EBITDA lost 8% to €2,254m. All business segments reported underperformance with the retail business particularly weak again. Innogy reaffirmed its plan to merge its UK retail unit with SSE. The Grid and Infrastructure business in Germany suffered from the new regulatory period for gas distribution. Innogy reported net debt (adjusted for pension and asset retirement) at c.€18bn vs. €15.6bn at December 2017. We calculate Innogy's FFO/net debt at c.22% at YE17 b...

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