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MarketScreener Homepage  >  Equities  >  Xetra  >  E.ON SE    EOAN   DE000ENAG999

E.ON SE

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RWE beats first quarter forecasts on strong trading performance

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05/15/2019 | 02:08am EDT
Lignite-fired Niederaussem power plant of RWE, one of Europe's biggest utilities in Niederaussem near Cologne

FRANKFURT (Reuters) - RWE, Germany's largest electricity producer, on Wednesday, posted higher-than-expected profit for the first quarter, boosted by its volatile commodity trading unit.

On a standalone basis, which excludes operational contributions from its Innogy subsidiary, RWE's first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) surged 70% to 510 million euros (443 million pounds).

Analyst had, on an average, forecast 302 million euros.

"This was due to the strong performance of trading business, which improved considerably compared to the weak first-quarter of 2018," RWE said in a statement, also confirming plans to pay a dividend of 0.80 euros per share for 2019.

RWE is currently in the process of acquiring the renewable energy assets of subsidiary Innogy and rival E.ON as part of a larger asset swap, a move that will turn it into Europe's third-largest player in the field.

Supply & Trading, which also optimises power plants to increase their efficiency and profitability, posted adjusted EBITDA of 255 million euros, accounting for half of the first-quarter total.

RWE confirmed the unit's 2019 outlook of 100-300 million euros in adjusted EBITDA, noting the substantial fluctuation it usually shows over the year, but said it would likely end up at the upper end of the year.

(Reporting by Christoph Steitz; Editing by Thomas Seythal & Uttaresh.V)

Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE 1.20% 9.444 Delayed Quote.9.47%
INNOGY SE 0.45% 40.5 Delayed Quote.-0.56%
RWE -0.30% 22.9 Delayed Quote.20.75%
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Financials (€)
Sales 2019 30 421 M
EBIT 2019 3 018 M
Net income 2019 1 421 M
Debt 2019 14 647 M
Yield 2019 4,86%
P/E ratio 2019 15,34
P/E ratio 2020 14,63
EV / Sales 2019 1,16x
EV / Sales 2020 0,78x
Capitalization 20 787 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 10,2 €
Spread / Average Target 7,8%
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Johannes Teyssen Chairman-Management Board & CEO
Karl-Ludwig Kley Chairman-Supervisory Board
Karsten Wildberger Chief Operating Officer-Commercial
Marc Spieker Chief Financial Officer
Ulrich Lehner Deputy Chairman-Supervisory Board
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