Innogy: Oddo BHF remains 'neutral' after interim results

(CercleFinance.com) - Analyst Oddo BHF today said that it is maintaining its neutral recommendation on the Innogy share, after the group published interim results that are slightly below [its] estimates.


Remember that on Friday the German energy company reported a 10% decline in H1 2018 EBIT achieved, which fell from 1.725 billion euros in H1 2017 to 1.553 billion H1 2018. H1 2018 EBITDA fell by 7.6%, from 2.439 billion euros to 2.244 billion euros, with external revenue down 4.8% (20.663 billion euros against 21.705 billion euros a year earlier).

After the Profit Warning of last year, Innogy's annual targets are low and are already integrated into our model, the broker said. It believes that the stock's valuation I reasonable, in light of difficulties that Innogy is meeting - especially in Germany. It therefore maintains its Neutral recommendation on the stock, with a target price of 34.0 euros.


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