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

Travis Miller

E.ON's Uniper Spin-Off Launches as Expected

We plan to cut our fair value estimate for E.ON to EUR 10 per share from EUR 11 following the share distribution and public listing of Uniper, in line with what we published most recently in August and first estimated in April. We are reaffirming our no-moat and stable moat trend ratings for E.ON. We do not plan to cover Uniper for now, and thus will not publish a fair value estimate. We are reaffirming our EUR 11 per share, or EUR 21 billion, combined equity value for legacy E.ON plus Uniper. T...

Travis Miller

E.ON's transformation is complete with Uniper spin-off.

We plan to cut our fair value estimate for E.ON to EUR 10 per share from EUR 11 following the share distribution and public listing of Uniper, in line with what we published most recently in August and first estimated in April. We are reaffirming our no-moat and stable moat trend ratings for E.ON. We do not plan to cover Uniper for now, and thus will not publish a fair value estimate. We are reaffirming our EUR 11 per share, or EUR 21 billion, combined equity value for legacy E.ON plus Uniper. T...

Laurent ALBIE

Short term view - E.ON : Major support reinstated

In our previous short term analysis (07/09/2016), we were neutral. We remain neutral. Technical elements are balanced, we cannot adopt a clearcut opinion. Arguments : - The major support has been shortly breached, but it is now reinstated. Prices can bounce. - The moving...

Laurent ALBIE

Analyse court terme - E.ON : Support majeur réintégré.

Lors de notre dernière analyse court terme (07/09/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les éléments techniques se contre-balancent et ne permettent pas d'adopter un avis tranché. Arguments : - Le support majeur a été enfoncé, mais il est réintégré....

Travis Miller

E.ON's Core Businesses Pick Up After Uniper Spin, but Nuclear Uncertainty Remains

We are reaffirming our EUR 9.90 fair value estimate and no-moat and stable moat trend ratings for E.ON after the company reported EUR 2.3 billion of adjusted operating profit during the first nine months of 2016. This was mostly flat year over year after making adjustments related to the Uniper spin-off earlier this year. Management reaffirmed its EUR 2.7 billion-3.1 billion full-year adjusted operating profit guidance, in line with our estimate. As we expected, lower profits at the networks bus...

Travis Miller

E.ON's Uniper Spin-Off Launches as Expected

We plan to cut our fair value estimate for E.ON to EUR 10 per share from EUR 11 following the share distribution and public listing of Uniper, in line with what we published most recently in August and first estimated in April. We are reaffirming our no-moat and stable moat trend ratings for E.ON. We do not plan to cover Uniper for now, and thus will not publish a fair value estimate. We are reaffirming our EUR 11 per share, or EUR 21 billion, combined equity value for legacy E.ON plus Uniper. T...

Travis Miller

E.ON's transformation is complete with Uniper spin-off.

We plan to cut our fair value estimate for E.ON to EUR 10 per share from EUR 11 following the share distribution and public listing of Uniper, in line with what we published most recently in August and first estimated in April. We are reaffirming our no-moat and stable moat trend ratings for E.ON. We do not plan to cover Uniper for now, and thus will not publish a fair value estimate. We are reaffirming our EUR 11 per share, or EUR 21 billion, combined equity value for legacy E.ON plus Uniper. T...

Travis Miller

E.ON's Core Businesses Pick Up After Uniper Spin, but Nuclear Uncertainty Remains

We are reaffirming our EUR 9.90 fair value estimate and no-moat and stable moat trend ratings for E.ON after the company reported EUR 2.3 billion of adjusted operating profit during the first nine months of 2016. This was mostly flat year over year after making adjustments related to the Uniper spin-off earlier this year. Management reaffirmed its EUR 2.7 billion-3.1 billion full-year adjusted operating profit guidance, in line with our estimate. As we expected, lower profits at the networks bus...

Travis Miller

E.ON's transformation is complete with Uniper spin-off.

We are reaffirming our EUR 9.90 fair value estimate and no-moat and stable moat trend ratings for E.ON after the company reported EUR 2.3 billion of adjusted operating profit during the first nine months of 2016. This was mostly flat year over year after making adjustments related to the Uniper spin-off earlier this year. Management reaffirmed its EUR 2.7 billion-3.1 billion full-year adjusted operating profit guidance, in line with our estimate. As we expected, lower profits at the networks bus...

Travis Miller

E.On's Dividend Cut Reflects Pressure to Reduce the Debt Load

We are reaffirming our EUR 9.90 per share fair value estimate and no-moat and stable moat trend ratings for E.ON after the company reported 2016 adjusted operating profit of EUR 3.1 billion and adjusted net income of EUR 0.9 billion, at the upper end of guidance but roughly in line with our estimates. Management will pay a 2016 dividend of EUR 0.21 per share, which is well below the EUR 0.50 per share we expected. For 2017, management sets adjusted EBIT guidance between EUR 2.8 billion and EUR 3...

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...

Emmanuel Matot ...
  • Louis Boujard
  • Philippe Ourpatian

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

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Emmanuel Matot ...
  • Louis Boujard
  • Philippe Ourpatian

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

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Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Jerôme Bodin
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Jerôme Bodin
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2018

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Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/01/2019

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Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Systematic Idea - Long E.On (EOAN GY) & August long only picks - 4 Aug

Long E.ON (EOAN GY) E.On’s restructuring is well underway as it positions itself as a renewable energy company. Its strong record of generating free cash flows and the refund of €2.4 billion in nuclear taxes has bolstered their deleveraging plans and strengthened their balance sheet. Net margins have been improving over the last few years & the stronger balance sheet provides E.On more flexibility. The company is fairly insulated from commodity price swings while the externalization of nuclear-waste liabilities improves both E.On’s risk profile and net income. An increased dividend payout ra...

E.ON

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E.ON

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E.ON

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...

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
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
  • Suvi Platerink Kosonen

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

ABN AMRO reports stable earnings and capital, value in the 5-year part of the senior curve

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...

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...

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)

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...

Laurent ALBIE

Short term view - E.ON : Major support reinstated

In our previous short term analysis (07/09/2016), we were neutral. We remain neutral. Technical elements are balanced, we cannot adopt a clearcut opinion. Arguments : - The major support has been shortly breached, but it is now reinstated. Prices can bounce. - The moving...

Laurent ALBIE

Analyse court terme - E.ON : Support majeur réintégré.

Lors de notre dernière analyse court terme (07/09/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les éléments techniques se contre-balancent et ne permettent pas d'adopter un avis tranché. Arguments : - Le support majeur a été enfoncé, mais il est réintégré....

Valérie GASTALDY

Medium term view - E.ON : The falling moving average confirms our opinion.

The trend is still bearish, the invalidation level is above €8.562. The target is at €4.900.Arguments :- The support has been reached, price reaction is very shy. It does not justify a positive opinion.- The falling moving average confirms our opinion.

Valérie GASTALDY

Analyse moyen terme - E.ON : La moyenne mobile, baissière, confirme notre avis.

La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 8,562 €. L'objectif est à 4,900 €.Arguments :- Le support est atteint, la réaction des prix est insuffisante pour modifier notre avis.- La moyenne mobile, baissière, confirme notre avis.

Laurent ALBIE

Analyse court terme - E.ON : Les stochastiques ont croisé en hausse.

Lors de notre dernière analyse court terme (22/11/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 6,5 € et un niveau d'invalidation à 5,99 €. Les prix sont proches de supports et peuvent rebondir. Arguments : - Le support est atteint, il...

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