RWE: Oddo raises target price
(CercleFinance.com) - Oddo maintains its "outperform" rating on RWE shares, having increased its target price for them from 53 euros to 57.
The analyst says that the clouds are clearing over the company, with a regulatory environment that has stabilised.
For renewable generation (offshore and onshore + PV), analysts are raising their 2023 EBITDA estimates by 9% to 2,913 million euros. The sub-marginal offtake level set at 130 E/MWh, +6% of the average captured price, should enable RWE to achieve prices of 140 to 150 E/MWh for the part sold at market price," Oddo said.
In the case of gas power plants needed to balance the system, spreads were high in 2022 and everything indicates that they should remain so in 2023, at around 18 E/MWh, reports Oddo, which is raising its expectations in this division also by 36% to 1508 ME in 2023.
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