(News Bulletin 247) – Oddo is keeping its Outperformance recommendation on the E.ON share but raises its price target from 11.5 to 12.5E.
After the announcement of the results of E.ON, ‘in line with expectations’, the analyst notes that ‘in each division, the performance is at the top of the forecast range. ‘
Above all, the guidance for 2023 is appreciated: ‘Adjusted EBITDA is expected between 7.8 and 8.0 MdE. Adjusted net income is expected between E2.3-2.5bn, i.e. adjusted EPS between E0.88-0.96.’
In view of this publication, the analyst has revised his estimates. ‘ On our price target, the implied EBITDA ratio would amount to only 9.9x EBITDA, which would still be a level lower than the average of regulated comparables estimated at 11x. ‘
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