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

1 director sold

A director at Innogy Se sold 3,400 shares at 44.912EUR and the significance rating of the trade was 62/100. 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 membe...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/08/2019

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

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/12/2019

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

Innogy : H1 2019 results in line with expectations. 2019 guidance confirmed

>H1 2019 in line with expectations - Innogy reported H1 2019 results in line with our expectations. EBITDA came in at € 2.139bn (vs Oddo BHF’s estimate of € 2.069bn and consensus forecast of € 2.074bn), -5% y-o-y. EBIT reached € 1.306bn (vs Oddo BHF’s estimate of € 1.315bn and the consensus forecast of € 1.295bn), i.e. -16% y-o-y and adjusted net profit stood at € 488m (vs our estimate of € 495m and the consensus forecast of € 473m), -26% y-o-y. For 2019, innogy confi...

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

Innogy : Résultats S1 2019 en ligne avec les attentes. Guidance 2019 confirmée

>Résultats S1 2019 en ligne avec les attentes - Innogy a publié vendredi matin des résultats S1 2019 en ligne avec nos attentes. L’EBITDA est ressorti à 2.139 Md€ (vs ODDO BHF à 2.069 Md€ et Cs à 2.074 Md€), -5% en yoy, l’EBIT est ressorti à 1.306 Md€ (vs ODDO BHF à 1.315 Md€ et Cs à 1.295 Md€) ou -16% en yoy et le résultat net ajusté à 488 M€ (vs nos estimations à 495 M€ et Cs à 473 M€), -26% en yoy. Pour 2019, Innogy a confirmé sa guidance d'un EBIT ajusté d'environ...

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
  • Philippe Ourpatian

Innogy : H1 2019 results in line with expectations. 2019 guidance confirmed

>H1 2019 in line with expectations - Innogy reported H1 2019 results in line with our expectations. EBITDA came in at € 2.139bn (vs Oddo BHF’s estimate of € 2.069bn and consensus forecast of € 2.074bn), -5% y-o-y. EBIT reached € 1.306bn (vs Oddo BHF’s estimate of € 1.315bn and the consensus forecast of € 1.295bn), i.e. -16% y-o-y and adjusted net profit stood at € 488m (vs our estimate of € 495m and the consensus forecast of € 473m), -26% y-o-y. For 2019, innogy confi...

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

Innogy : Résultats S1 2019 en ligne avec les attentes. Guidance 2019 confirmée

>Résultats S1 2019 en ligne avec les attentes - Innogy a publié vendredi matin des résultats S1 2019 en ligne avec nos attentes. L’EBITDA est ressorti à 2.139 Md€ (vs ODDO BHF à 2.069 Md€ et Cs à 2.074 Md€), -5% en yoy, l’EBIT est ressorti à 1.306 Md€ (vs ODDO BHF à 1.315 Md€ et Cs à 1.295 Md€) ou -16% en yoy et le résultat net ajusté à 488 M€ (vs nos estimations à 495 M€ et Cs à 473 M€), -26% en yoy. Pour 2019, Innogy a confirmé sa guidance d'un EBIT ajusté d'environ...

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

Innogy : H1 2019 in line with expectations. 2019 guidance confirmed

>H1 2019 results in line with expectations - Innogy released this morning H1 2019 results in line with our expectations. H1 2019 EBITDA came in at € 2139m vs € 2254m the previous year (ODDO BHF at € 2069m and consensus at € 2074m), EBIT totalled € 1306m vs € 1553m the previous year (Oddo BHF at € 1315m and consensus at € 1295m) and adjusted net income came to € 488m vs € 662m the previous year (ODDO BHF at € 495m and consensus at € 473m). The main gap in EBITDA vs our...

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

Innogy : H1 2019 in line with expectations. 2019 guidance confirmed

>H1 2019 results in line with expectations - Innogy released this morning H1 2019 results in line with our expectations. H1 2019 EBITDA came in at € 2139m vs € 2254m the previous year (ODDO BHF at € 2069m and consensus at € 2074m), EBIT totalled € 1306m vs € 1553m the previous year (Oddo BHF at € 1315m and consensus at € 1295m) and adjusted net income came to € 488m vs € 662m the previous year (ODDO BHF at € 495m and consensus at € 473m). The main gap in EBITDA vs our...

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 ...

1 director sold

A director at Innogy Se sold 3,400 shares at 44.912EUR and the significance rating of the trade was 62/100. 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 membe...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/08/2019

...

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

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/12/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/09/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

...

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 – DETAILED COMMENTS 05/15/2019

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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 and Innogy/Regulatory and UK pain will continue

E.ON and Innogy reported their interim report. E.ON management expects the European anti-trust authorities to provide their decision on the merger with Innogy in September 2019. The company has offered remedies to speed up the process. Meanwhile, 1H19 results suffered from a weaker UK retail market and higher pension provisions. The remuneration on German networks is lower since the beginning of the year. Remuneration on Swedish networks is planned to be drastically reduced in the period 2020-2023. Despite the fact that the companies' share price resisted after the expected weak results, we co...

ING
Nadège Tillier

European utilities/Dry 2019 to be followed by a flood of supply

2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in the next three years. On top of this, a large number of utilities have announced ambitious capital expenditu...

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.

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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