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    RWE   DE0007037129

RWE AG

(RWE)
  Report
Delayed Xetra  -  11:39:47 2023-02-03 am EST
40.48 EUR   -0.98%
02/03Cms : RWE Aktiengesellschaft: Release of a capital market information
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02/03Rehden gas storage facility to go back into operation after deflagration
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02/03RWE AG(NEU) : Berenberg remains its Buy rating
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RWE may hike European renewables spending after Con Edison deal

10/03/2022 | 11:07am EST

BERLIN, Oct 3 (Reuters) - RWE sees room to raise renewables investments in Europe, its chief executive officer said on Monday, brushing off concerns the German power producer's $6.8 billion purchase of Con Edison's green energy arm would hurt spending on the continent.

RWE, the largest power producer in Germany, on Saturday unveiled the planned purchase of Con Edison Clean Energy Business, drawing criticism from activist fund Enkraft, which slammed the deal as "incomprehensible" given Europe's energy crisis.

"There was a strategic objective to especially make a step forward in the U.S., which we now clearly achieved with this transaction. But that does not mean that we're going to scale back on our European and UK ambitions," RWE CEO Markus Krebber told journalists.

Krebber said capital was not the limiting factor in Europe, adding that the group may upgrade spending targets for the continent when it updates markets on its renewables spending plan at the end of 2023.

"Limiting factors are more ... remuneration frameworks, how attractive are they but also still again getting the permits and the planning speed up," Krebber said.

RWE is targeting gross investments of more than 50 billion euros by 2030, with a heavy focus on solar and wind. Three-quarters of that amount is to be spent in Europe.

Shares in the company were up 1.7% on Monday, a public holiday in Germany while markets are open, with analysts at Bernstein saying the deal is "positive for the RWE equity story as it takes RWE to a position of prominence in the US renewables space". (Reporting by Christoph Steitz Editing by Riham Alkousaa and Paul Simao)


© Reuters 2022
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Analyst Recommendations on RWE AG
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Financials
Sales 2022 28 843 M 31 300 M 31 300 M
Net income 2022 2 685 M 2 913 M 2 913 M
Net Debt 2022 7 809 M 8 474 M 8 474 M
P/E ratio 2022 10,3x
Yield 2022 2,24%
Capitalization 27 373 M 29 705 M 29 705 M
EV / Sales 2022 1,22x
EV / Sales 2023 0,98x
Nbr of Employees 18 382
Free-Float 92,9%
Chart RWE AG
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Technical analysis trends RWE AG
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Last Close Price 40,48 €
Average target price 51,79 €
Spread / Average Target 27,9%
EPS Revisions
Managers and Directors
Markus Krebber Chief Executive Officer
Michael Müller Chief Financial Officer
Werner Brandt Chairman-Supervisory Board
Dagmar Mühlenfeld Member-Supervisory Board
Ullrich Sierau Member-Supervisory Board
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