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4-Traders Homepage  >  Equities  >  Xetra  >  Innogy SE    IGY   DE000A2AADD2

INNOGY SE (IGY)
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Innogy : RWE under pressure over coal despite forecast beating profit

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11/14/2017 | 01:36pm CEST

FRANKFURT (Reuters) - A recovery in German utility RWE's (>> RWE) power and commodity trading during the first nine months failed to overcome concerns about its exposure to politically sensitive coal generation on Tuesday, with its shares falling almost 4 percent.

FRANKFURT (Reuters) - A recovery in German utility RWE's (>> RWE) power and commodity trading during the first nine months failed to overcome concerns about its exposure to politically sensitive coal generation on Tuesday, with its shares falling almost 4 percent.

Talks over forming the next German government involving the anti-coal Greens have raised concerns about RWE's assets as about 60 percent of its installed capacity in Germany is from coal-fired power plants.

"Exiting coal in the short term would make it impossible to continue ensuring security of supply. Replacing it in the short term with gas is unrealistic, if only for reasons related to planning, approval and construction periods," RWE Chief Financial Officer Markus Krebber said after the results.

Coal-fired power plants are a key issue in current negotiations, with the Greens holding out for carbon dioxide emissions cuts that would require the closing of 20 coal plants by 2020, double of what is proposed by the Christian Democrats and the pro-business Free Democrats.

Tuesday's results showed Supply & Trading, which acts as the central marketer of RWE's power station output and manages its global commodities deals, swung to core earnings of 201 million euros (£180 million), from a 97 million euro loss last year when it was hit by volatile markets caused by unexpected and prolonged maintenance at French nuclear plants.

Krebber, a former head of the unit, said this was the level of earnings to be expected in a normal full year with no major price swings as had been the case so far in 2017.

"Last year, there were developments that were unforeseen under our fundamental market models," Krebber said.

At a group level, RWE's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 9.3 percent to 4.18 billion euros, slightly higher than the 4.13 billion average analysts' forecast in a Reuters poll.

Since carving out its renewables, networks and retail unit Innogy (>> Innogy SE) last year, RWE's own business is focused purely on operating power plants and the trading of commodities and energy, including liquefied natural gas (LNG).

(Additional reporting by Patricia Uhlig; Editing by Vyas Mohan and Alexander Smith)

By Christoph Steitz and Vera Eckert

Stocks treated in this article : RWE, Innogy SE
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Financials (€)
Sales 2018 40 357 M
EBIT 2018 2 708 M
Net income 2018 1 211 M
Debt 2018 15 198 M
Yield 2018 4,30%
P/E ratio 2018 17,31
P/E ratio 2019 16,85
EV / Sales 2018 0,90x
EV / Sales 2019 0,92x
Capitalization 20 978 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 36,1 €
Spread / Average Target -4,4%
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NameTitle
Uwe Tigges Chairman-Executive Board & Chief Executive Officer
Erhard Walter Schipporeit Chairman-Supervisory Board
Hildegard Müller Chief Operating Officer-Grid & Infrastructure
Martin Friedrich Herrmann Chief Operating Officer-Retail
Hans Friedrich Bünting Chief Operating Officer-Renewables
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