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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
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Real-time Euronext Lisbonne  -  04:04 2022-06-27 am EDT
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RWE is possible takeover target in renewables boom - Goldman Sachs

01/08/2020 | 08:36am EDT
The logo of RWE, one of Europe's biggest electricity and gas companies is seen at block F/G of RWE's new coal power plant in Neurath

RWE, Germany's largest power producer, could become a takeover target as big industry players strive to expand their renewable portfolios around the world, Goldman Sachs said in a research note on Wednesday.

Following an asset swap with E.ON, RWE last year became Europe's third-largest renewables player after Spain's Iberdrola and Italy's Enel, and the world's No.2 offshore wind player after Denmark's Orsted.

However, its EV/EBITDA multiple - a valuation metric that measures the ratio between enterprise value and earnings - stands at 7, less than half of Orsted's 14.2. With a market value of less than 17 billion euros ($19 billion), RWE looks cheap when compared to its bigger rivals, Goldman Sachs said.

"Strong momentum to deliver energy transition, high industry fragmentation ... and the scale-advantage typical of such a capital-intensive business could drive a wave of consolidation," the investment bank said.

"This could lead to the emergence of a handful of 'Global Renewable Majors'."

RWE declined to comment.

Aside from RWE, Goldman Sachs also named Britain's SSE and Portugal's EDP as possible targets, pointing to their exposure to regulated infrastructure assets and relatively low market valuations.

At current share prices, EDP and SSE are worth about 14 and 15 billion euros, respectively.

The companies are free of significant family or government ownership, which has acted as a major impediment to deals in the past, Goldman Sachs said.

SSE and EDP declined to comment.

Goldman said the global renewables market was fragmented, and that consolidation to add scale was becoming increasingly important to deliver profitable growth.

The world's top ten renewables groups, which also include U.S.-based NextEra, capture only about 15% of the world's total portfolio, the brokerage said. With 9.5 gigawatts of capacity, RWE ranks fifth globally.

($1 = 0.8981 euros)

(Reporting by Christoph Steitz; Additional reporting by Susanna Twidale and Sergio Goncalves; Editing by Pravin Char)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE 0.95% 8.678 Delayed Quote.-29.45%
EDP - ENERGIAS DE PORTUGAL, S.A. -0.20% 4.482 Real-time Quote.-7.06%
ENEL S.P.A. 0.51% 5.544 Delayed Quote.-21.76%
IBERDROLA, S.A. 0.10% 10.065 Delayed Quote.-3.41%
ORSTED A/S 0.12% 735.6 Delayed Quote.-12.05%
RWE AG 1.95% 38.13 Delayed Quote.4.76%
SSE PLC 0.45% 1656.5 Delayed Quote.0.03%
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Financials
Sales 2022 15 798 M 16 664 M 16 664 M
Net income 2022 859 M 907 M 907 M
Net Debt 2022 14 097 M 14 870 M 14 870 M
P/E ratio 2022 19,9x
Yield 2022 4,28%
Capitalization 17 724 M 18 696 M 18 696 M
EV / Sales 2022 2,01x
EV / Sales 2023 2,04x
Nbr of Employees 12 884
Free-Float 67,9%
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Number of Analysts 22
Last Close Price 4,49 €
Average target price 5,55 €
Spread / Average Target 23,5%
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Managers and Directors
Miguel Stilwell de Andrade Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer
João Luís Ramalho de Carvalho Talone Chairman-Supervisory Board
Rita Sousa Head-Compliance
Fernando Maria Masaveu Herrero Member-Supervisory Board
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