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OFFON

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

E.ON SE

(EOAN)
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E.ON allies with Octopus Energy to revamp UK retail business

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03/23/2020 | 08:14am EDT

E.ON has struck a partnership deal with Britain's fast-growing Octopus Energy, as the German utility strives to revamp its UK retail business and shift away from the troubled Npower brand it acquired during the break up of Innogy.

E.ON said on Monday the deal would speed up profit growth in a market hit by stiff competition and a regulatory price cap.

The German group acquired large parts of Innogy, including the loss-making Npower brand in Britain, as part of a landmark asset swap with German peer RWE.

Both E.ON and Npower were among the so-called Big Six energy supplies in Britain that have been losing customers to new challenges, such as renewables energy specialist Octopus.

In a partnership deal with Octopus's unit Kraken Technologies, E.ON said it would pool its own residential and commercial customers and those of Npower in a new subsidiary, called E.ONnext.

It forecast E.ONnext would make earnings before interest and tax (EBIT) of at least 250 million pounds beyond 2023.

"In November we announced that we would successfully reposition our business in the UK and counter the difficult market conditions," E.ON board member Karsten Wildberger said in a statement.

"The formation of E.ONnext is the key step in achieving this goal quickly and to the benefit of our customers in the UK."

E.ONnext will rely on Kraken's customer platform and be home to Npower's and E.ON UK's residential and commercial clients, who will be migrated in spring 2020 and 2021, respectively.

Innogy said earlier on Monday that Npower lost 143,000 customers in the fourth quarter, bringing total customer losses in 2019 to 590,000.

Other parts of Npower will be shut down or sold as part of the plan announced in November.

Innogy's adjusted net income fell by 39% to 427 million euros ($458 million) last year, while adjusted EBIT fell by 23%, due in part to asset sales.

In January, Octopus struck a deal to take on Engie 70,000 British residential customers as the French power group quit that market.

(Editing by Edward Taylor and Mark Potter)

By Christoph Steitz


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -3.21% 20.28 Delayed Quote.285.09%
E.ON SE -1.23% 9.464 Delayed Quote.0.61%
ENGIE -2.57% 11.385 Real-time Quote.-18.85%
INNOGY SE 0.00%End-of-day quote.-2.24%
JUST GROUP PLC 1.72% 44.72 Delayed Quote.-44.00%
RWE AG -0.90% 33.11 Delayed Quote.22.16%
SHIFT, INC. -2.96% 16720 End-of-day quote.109.52%
WILL GROUP, INC. -1.58% 870 End-of-day quote.-30.51%
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Financials
Sales 2020 64 137 M 76 143 M 76 143 M
Net income 2020 1 195 M 1 419 M 1 419 M
Net Debt 2020 34 543 M 41 010 M 41 010 M
P/E ratio 2020 17,7x
Yield 2020 4,94%
Capitalization 24 984 M 29 553 M 29 661 M
EV / Sales 2020 0,93x
EV / Sales 2021 0,91x
Nbr of Employees 80 366
Free-Float 83,7%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 11,07 €
Last Close Price 9,58 €
Spread / Highest target 34,6%
Spread / Average Target 15,5%
Spread / Lowest Target -10,2%
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Managers
NameTitle
Johannes Teyssen Chairman-Management Board
Karl-Ludwig Kley Chairman-Supervisory Board
Karsten Wildberger Chief Operating Officer-Commercial
Marc Spieker Chief Financial Officer
Teresa Marie Jäschke Head-Digitization, IT, HR & Diversity
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RWE AG22.16%26 724
PPL CORPORATION-21.77%21 580