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OFFON

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

E.ON SE

(EOAN)
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E.ON banks on networks to weather coronavirus crisis

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03/25/2020 | 05:22am EDT
E.ON headquarters in Essen

FRANKFURT/DUESSELDORF, Germany (Reuters) - E.ON forecast a jump in profit this year sending its shares up more than 11% as Europe's largest energy network operator looks to ride out the coronavirus crisis supported by revenue from its regulated grids.

"E.ON can and will deal with this downturn better than most other energy companies," CEO Johannes Teyssen told journalists at the group's annual news conference on Wednesday, pointing to its changed strategy following the break-up of rival Innogy.

It expects adjusted earnings before interest and tax (EBIT) to rise by as much as 28% this year -- to 3.9-4.1 billion euros ($4.22-4.44 billion) from 3.2 billion -- buoyed by grids and retail operations it acquired from Innogy.

Between 2020 and 2022 EBIT is expected to grow 7-9% per year, the company said. It forecast adjusted net income for this year at 1.7-1.9 billion euros, up from 1.5 billion.

The company, which supplies about 50 million customers in Europe, said dividends are expected to grow by 5% annually up to 2022. It is paying 0.46 euros per share for 2019.

Teyssen said the pandemic was having an impact on energy demand across the continent and would have a temporary impact on the group's network and sales business, adding there could be delays in its ability to deliver energy infrastructure projects. He did not quantify the expected impact.

But he reiterated that about 80% of the group's operating profit was regulated.

Financially vulnerable clients will not be disconnected from supply for the time being, Teyssen said. Across the group confirmed coronavirus cases currently stand at 37, he said.

"A reassuring and supporting strong investment case," said a local trader while analysts at Bernstein and Jefferies called the outlook encouraging.

Shares in E.ON, which said it would invest about 13 billion euros over the next three years, were up 11% at the top of Germany's blue-chip index.

(Additional reporting by Vera Eckert; editing by Scot W. Stevenson and Jason Neely)

By Christoph Steitz and Tom Käckenhoff


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
E.ON SE 0.93% 9.528 Delayed Quote.0.04%
INNOGY SE 0.00%End-of-day quote.-2.24%
JASON CO., LTD. -1.68% 702 End-of-day quote.92.86%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
RISE, INC. 0.00% 26 End-of-day quote.-13.33%
THE NEW HOME COMPANY INC. 0.60% 5.06 Delayed Quote.8.58%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
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Financials
Sales 2020 64 137 M 76 073 M 76 073 M
Net income 2020 1 195 M 1 418 M 1 418 M
Net Debt 2020 34 543 M 40 972 M 40 972 M
P/E ratio 2020 17,6x
Yield 2020 4,97%
Capitalization 24 843 M 29 407 M 29 466 M
EV / Sales 2020 0,93x
EV / Sales 2021 0,91x
Nbr of Employees 80 366
Free-Float 83,7%
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Technical analysis trends E.ON SE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 11,07 €
Last Close Price 9,53 €
Spread / Highest target 35,4%
Spread / Average Target 16,1%
Spread / Lowest Target -9,74%
EPS Revisions
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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