Detail analýzy
| 23.05.2022 / Erste Group Research |
Základní informace
| Autor | Erste Group Research |
| Datum | 23.05.2022 |
| Jazyk |  |
| Název produktu | Credit News |
| Hlavní téma | Podnikové dluhopisy |
| Zaostřeno na ekonomiku | Rakousko |
| Zaměřeno na měnu | Euro |
| Zaměřeno na sektor | - |
| Stáhnout |
VERBUND: Green profiteer of volatile energy prices VERBUND reported consolidated revenues of EUR 4,777mn for 2021 (+38.5% y/y). This is primarily due to the sharp rise in energy prices, which were partly passed on to end customers and partly realized on the wholesale market. With energy generation from renewables at relatively fixed costs, VERBUND is benefiting from the current volatile environment. Positive business development continued in 1Q 2022. Credit metrics weakened but remain at good levels. Moody's and S&P recently confirmed their ratings with a stable outlook. VERBUND has strong ESG ratings and a transparent sustainability report. In view of the increased volatility on the wholesale energy market, VERBUND is pursuing a more opportunistic hedging strategy, thereby reducing the predictability of cash flows. Forecast uncertainty is also caused by EU's efforts to become (more) independent of Russian gas supplies as well as the current political discussion on a special tax for utility companies. For 2022, (record) earnings of EUR 1.4-2.0bn are expected. The dividend payout ratio for FY 2022 is likely to remain at 45-55%. |
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