E.ON: Oddo raises target price
(CercleFinance.com) - Oddo maintains its Outperform rating on E.
ON shares, while raising its target price for them from E11.5 to E12.5.
After the announcement of E.ON's results, that were in line with expectations, the analyst notes that in each division, performance is at the top of the forecast range.
Above all, the guidance for 2023 is appreciated: adjusted EBITDA is expected to be 7.8-8.0bn euros. Adjusted net profit is expected to be between 2.3-2.5bn euros, with adjusted EPS of E0.88-0.96.
In light of this release, the analyst has revised his estimates. For its target price, the implied EBITDA multiple would amount to only 9.9x EBITDA which would still be below the average of regulated peers estimated at 11x.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
ON shares, while raising its target price for them from E11.5 to E12.5.
After the announcement of E.ON's results, that were in line with expectations, the analyst notes that in each division, performance is at the top of the forecast range.
Above all, the guidance for 2023 is appreciated: adjusted EBITDA is expected to be 7.8-8.0bn euros. Adjusted net profit is expected to be between 2.3-2.5bn euros, with adjusted EPS of E0.88-0.96.
In light of this release, the analyst has revised his estimates. For its target price, the implied EBITDA multiple would amount to only 9.9x EBITDA which would still be below the average of regulated peers estimated at 11x.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.