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

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...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

STMicroelectronics N.V. : ODDO BHF SThe 2019 Extel* survey has just named ODDO BHF “number 1 broker on French equities” for the fourth consecutive year. It has also ranked ODDO BHF “number 5 broker on German equities”, five places higher than last year. T

...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2019 L’enquête EXTEL* 2019 vient de désigner ODDO BHF « 1er broker sur les actions françaises » pour la 4ème année consécutive. Elle classe aussi ODDO BHF « 5ème broker sur les actions allema

...

Louis Boujard ...
  • Philippe Ourpatian

E.ON : Lingering uncertainty after merger with innogy

>Main questions about retail business and debt - Last week we organised two days of road shows with E.ON in Paris and Frankfurt. The main subjects were: 1/ the review of the strategic options about the acquisition of the power supply businesses in the UK (npower), 2/ the specific characteristics of the German power supply market and how E.ON is adjusting to its competitive environment; and 3/ the sustainability of E.ON’s rating after the takeover of innogy.§p...

Louis Boujard ...
  • Philippe Ourpatian

E.ON : Toujours des incertitudes après le rapprochement avec Innogy

>Les principales interrogations concernent le retail et la dette - Nous avons eu l’opportunité la semaine dernière d’organiser deux jours de roadshow à Paris et Francfort avec E.ON Les principaux sujets abordés ont concerné : 1/ la revue des options stratégiques qui entourent la reprise des activités de fourniture d’énergie en Royaume-Uni (Npower), 2/ les spécificités du marché allemand de la fourniture d’énergie et l’adaptation d’E.ON à son environnement concurrentie...

Louis Boujard ...
  • Philippe Ourpatian

E.ON : Lingering uncertainty after merger with innogy

>Main questions about retail business and debt - Last week we organised two days of road shows with E.ON in Paris and Frankfurt. The main subjects were: 1/ the review of the strategic options about the acquisition of the power supply businesses in the UK (npower), 2/ the specific characteristics of the German power supply market and how E.ON is adjusting to its competitive environment; and 3/ the sustainability of E.ON’s rating after the takeover of innogy.§p...

Louis Boujard ...
  • Philippe Ourpatian

E.ON : Toujours des incertitudes après le rapprochement avec Innogy

>Les principales interrogations concernent le retail et la dette - Nous avons eu l’opportunité la semaine dernière d’organiser deux jours de roadshow à Paris et Francfort avec E.ON Les principaux sujets abordés ont concerné : 1/ la revue des options stratégiques qui entourent la reprise des activités de fourniture d’énergie en Royaume-Uni (Npower), 2/ les spécificités du marché allemand de la fourniture d’énergie et l’adaptation d’E.ON à son environnement concurrentie...

Tancrede Fulop

Morningstar | EOAN Updated Forecasts and Estimates from 31 May 2019

E.ON transformed itself in 2016 with the split-off of Uniper, its commodities and power generation business, and ultimately the sale of its stake in Uniper to Fortum in January 2018 for EUR 3.7 billion. This deal refocused E.ON on networks, retail, and renewables.E.ON’s business profile is set to significantly change again after the transformative deal with RWE, which is set to be completed by year-end 2019. E.ON will acquire RWE's 77% stake in Innogy. In return, RWE will receive a participation of 16.7% in E.ON and most of E.ON's renewables business. RWE will keep Innogy's renewables and gas ...

Tancrede Fulop

Morningstar | Rationale of the acquisition of Most of Innogy is Weak for E.On

E.ON transformed itself in 2016 with the split-off of Uniper, its commodities and power generation business, and ultimately the sale of its stake in Uniper to Fortum in January 2018 for EUR 3.7 billion. This deal refocused E.ON on networks, retail, and renewables.E.ON’s business profile is set to significantly change again after the transformative deal with RWE, which is set to be completed by year-end 2019. E.ON will acquire RWE's 77% stake in Innogy. In return, RWE will receive a participation of 16.7% in E.ON and most of E.ON's renewables business. RWE will keep Innogy's renewables and gas ...

Tancrede Fulop

Rationale of the acquisition of Most of Innogy is Weak for E.On

We reiterate our fair value estimate of EUR 8.6, along with our no-moat, negative trend ratings after E.On released first-quarter results in line with expectations and maintained its full-year guidance. Shares are overvalued. EBIT decreased by 8% to EUR 1.18 billion and adjusted net income dropped by 11% to EUR 650 million, both in line with consensus expectations. On the negative side, customer solutions' EBIT plunged by 44% to EUR 219 million, mainly because of harsh business conditions in the...

1 director bought

A director at E.on Ag bought 28,250 shares at 8.850EUR and the significance rating of the trade was 76/100. 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...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

STMicroelectronics N.V. : ODDO BHF SThe 2019 Extel* survey has just named ODDO BHF “number 1 broker on French equities” for the fourth consecutive year. It has also ranked ODDO BHF “number 5 broker on German equities”, five places higher than last year. T

...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2019 L’enquête EXTEL* 2019 vient de désigner ODDO BHF « 1er broker sur les actions françaises » pour la 4ème année consécutive. Elle classe aussi ODDO BHF « 5ème broker sur les actions allema

...

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

...

E.ON

E.ON

E ON SE loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of E ON SE (DE), active in the Multiutilities industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date April 30, 2019, the closing price was EUR 9.56 and its potential was estimated at EUR 10.79.

E.ON

E.ON

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
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)

E.ON - AGM 14 May 2019

General: In March 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 0.43 per share which corresponds to a payout ratio of 26.86% per share. The dividend is covered by earnings but is not covered by free cash flow. We note that over the past four 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 supported by...

E.on.Se – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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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