(News Bulletin 247) – Oddo BHF confirms its ‘outperformance’ opinion on E.ON while raising its price target from 12.5 to 13.5 euros, pointing to a ‘growth profile with an attractive valuation with a risk weak country.
Despite a positioning described as ‘resolutely defensive’, the research department believes that the energy group offers a sustained growth profile for the coming years.
According to him, the revision of the regulated remuneration for the period 2024-28 as well as the favorable base effects will make it possible to generate average EBITDA growth of nearly 6% per year (2022-27), against 4% (2021-26) previously expected.
‘In the event of an acceleration of investments with a view to achieving the renewable objectives of the ‘Easter package’, our estimates could be revised upwards’, adds the analyst.
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