E.ON is an investor-owned energy company. The Generation global unit consists of all Co.'s existing (fossil and nuclear) generation assets in Europe. The Renewables unit is engaged in managing Co.'s carbonsourcing and renewables businesses. The Global Commodities unit buys and sells electricity, natural gas, liquefied natural gas, oil, coal, freight, biomass, and carbon allowances. The Exploration & Production unit is a active in the focus regions of the North Sea (U.K., Norway), Russia and North Africa. The New Build & Technology unit include Co.'s project-management and engineering operations to support the construction of new power plants and the operation of existing plants.
  • TickerENAG99
  • ISINDE000ENAG999
  • SectorGas, Water & Multi-utilities
  • CountryGermany

Analysts

Tancrede Fulop

Morningstar | E.On's 9M Results Boosted by One-Offs; Shares Look Fairly Valued

We reiterate our fair value estimate of EUR 8.60 per share after E.On released nine-month results above consensus expectations and indicated it should reach the upper half of its full-year targets. Shares look fairly valued. Adjusted EBIT grew 11% to EUR 2.35 billion, 5% above consensus expectations and implying a 17% growth in the third quarter after 8% in the first half. Adjusted net income grew by 25% to EUR 1.2 billion, 8% above consensus expectations, accelerating from the first half's 19% growth. The corporate functions and other segment was the main improvement driver in the third quar...

Tancrede Fulop

E.On's 9M Results Boosted by One-Offs; Shares Look Fairly Valued

We reiterate our fair value estimate of EUR 8.60 per share after E.On released nine-month results above consensus expectations and indicated it should reach the upper half of its full-year targets. Shares look fairly valued.  Adjusted EBIT grew 11% to EUR 2.35 billion, 5% above consensus expectations and implying a 17% growth in the third quarter after 8% in the first half. Adjusted net income grew by 25% to EUR 1.2 billion, 8% above consensus expectations, accelerating from the first half's 19%...

Pierre-Antoine Chazal

E.ON: Upper half of FY 2018 guidance now targeted | BUY | EUR11

E.ON - BUY | EUR11(+26%) Upper half of FY 2018 guidance now targeted 9M 2018 adjusted net income up c. 25% yoy Strong EBIT growth partly driven by one-off effects FY-2018 guidance confirmed, the upper half now targeted Buy recommendation maintained this morning

Tancrede Fulop

Morningstar | E.On's 9M Results Boosted by One-Offs; Shares Look Fairly Valued

We reiterate our fair value estimate of EUR 8.60 per share after E.On released nine-month results above consensus expectations and indicated it should reach the upper half of its full-year targets. Shares look fairly valued. Adjusted EBIT grew 11% to EUR 2.35 billion, 5% above consensus expectations and implying a 17% growth in the third quarter after 8% in the first half. Adjusted net income grew by 25% to EUR 1.2 billion, 8% above consensus expectations, accelerating from the first half's 19% growth. The corporate functions and other segment was the main improvement driver in the third quar...

Tancrede Fulop

E.On's 9M Results Boosted by One-Offs; Shares Look Fairly Valued

We reiterate our fair value estimate of EUR 8.60 per share after E.On released nine-month results above consensus expectations and indicated it should reach the upper half of its full-year targets. Shares look fairly valued.  Adjusted EBIT grew 11% to EUR 2.35 billion, 5% above consensus expectations and implying a 17% growth in the third quarter after 8% in the first half. Adjusted net income grew by 25% to EUR 1.2 billion, 8% above consensus expectations, accelerating from the first half's 19%...

Pierre-Antoine Chazal

E.ON: Upper half of FY 2018 guidance now targeted | BUY | EUR11

E.ON - BUY | EUR11(+26%) Upper half of FY 2018 guidance now targeted 9M 2018 adjusted net income up c. 25% yoy Strong EBIT growth partly driven by one-off effects FY-2018 guidance confirmed, the upper half now targeted Buy recommendation maintained this morning

Tancrede Fulop

E.ON's pro forma positioning is unappealing to us.

We reiterate our fair value estimate of EUR 8.60 per share after E.On released first-half results in line with expectations and reaffirmed its full-year targets of adjusted EBIT  and net income of EUR 2.8 billion-EUR 3 billion and EUR 1.3 billion-EUR 1.5 billion, respectively. This is roughly in line with our expectations. We do not plan to change our forecasts following the results, and we currently view shares as overvalued.  Adjusted EBIT grew 8% to EUR 1.9 billion and adjusted net income by ...

Louis Boujard ...
  • Philippe Ourpatian

E.ON : Feedback roadshow

>2018 Guidance confirmed despite the uncertainties - Last week, we organised two days of road shows in Paris and Frankfurt with E.ON’s IR team. The company took advantage of this opportunity to confirm its guidance for 2018 despite the uncertainties that have emerged in recent weeks. Attention focused on: 1) the consequences of the depreciation of the Turkish lira for the group’s financial targets; 2) the coherence of the strategy pursued on the UK market after the pr...

Four Directors bought 263,932 shares at between 9.524EUR and 9.716EUR.

Four Directors at E.on Ag bought 263,932 shares at between 9.524EUR and 9.716EUR. The significance rating of the trade was 100/100. 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...

Emmanuel Matot ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2018

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Emmanuel Matot ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2018

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For E ON SE, the environment deterioration entails a downgrade to Neutral

E ON SE (DE), a company active in the Multiutilities industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 2 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date October 12, 2018, the closing price was EUR 8.26 and its expected value was estimated at EUR 8.96.

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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...

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

Coffee, Croissants & Credit/Ahold Delhaize and E.ON

Consumer Products: • Ahold Delhaize (ADNA) reported 2Q18 and interim results this morning, which we believe to be spread neutral. Net sales in the second quarter of €15.5bn were in line with consensus and were up 0.9% at constant FX or 2.4% when adjusting for Easter and remedy stores sold in 2017. The company reported €693m of free cash flow in 2Q18 and reiterated FY guidance of €1.9bn with capex also coming in at €1.9bn in the full year. Ahold Delhaize generated €99m in synergy savings in 2Q18 and confirmed the target of €420m in cumulative net synergy savings in 2018, which includes €268m re...

Expert Corporate Governance Service (ECGS)

Proxy Report - 09/05/2018

General: In February 2018, E.ON and RWE announced a complex EUR 43bn deal, see section 3.1 for details. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.30 per share which corresponds to a payout ratio of 16.30% per share. The dividend is covered by earnings but is not covered by free cash flow. We note that over the past three years, the dividend has not been covered by earnings and moreover has not been covered by free cash flow already in financial year 2016. ECGS believes that dividends should be covered by consolidated earnings and/or free cash flow and supporte...

Jérôme VINERIER

Analyse court terme - E.ON : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 9,050 € prochainement. Le prochain objectif est à 7,629 €, puis 7,245 €. Le franchissement de 9,050 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - E.ON : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €9.050. The next target is at €7.629, then €7.245. Passing €9.050 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - E.ON : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 7,629 €. La tendance de fond serait remise en cause en cas de franchissement de 9,050 €.

Jérôme VINERIER

Short term view - E.ON : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €7.629. The background trend would be questioned should prices rise above €9.050.

Valérie GASTALDY

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

The trend is bullish. The recent fall is getting more vigorous. The next support is at €8.400. A break below €7.652 would challenge the trend.

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