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EnBW

EnBW was historically the third largest Germany utility by electricity sales, behind E.ON and RWE. It is involved in Electricity, Gas and Energy and Environmental services. It is vertically integrated in its Electricity business and is present in all areas of the electricity value chain. EnBW remains the one core German utility that still owns its transmission network and that has not sought to separate its businesses. EnBW has about 6mn energy customers and in 2016 sold 115TWh of electricity (115TWh in 2015) and 139TWh of gas (135TWh in 2015). The gas increase was largely due to higher trading volumes. In 2009 EnBW acquired a 26% stake in German utility EWE. It had high hopes for further integration and cooperation but this did not materialise, and in October 2015 EnBW swapped its stake in EWE for a 74% stake in German gas company VNG. The VNG transaction closed in April 2016 and, once EnBW gained a majority on the Board, was consolidated from the start of 2Q17. (08 Aug 2017)

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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.
Focused

IG Note: EnBW - No Bargain For First Green Bond

IG Note: 24 Oct 2018, 4:35 AM ET - EnBW is in the market with its debut green bond. We do not expect a bargain, but EnBW is a quality name and one has to pay for quality.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

EnBW: Frankly Speaking

Company Analysis: 18 Oct 2018, 11:29 PM ET - EnBW's 2013-20 strategy is coming to an end and it sees its 2020-25 strategy as one of growth , but with maintenance of an A range rating. We like EnBW but its bonds trade tight and we maintain our Market perform view. 

Ørsted 1H18: Wind Of Change

Earnings Note: 09 Aug 2018, 9:57 PM ET - Good 1H18 results from Ørsted, but the big event was the company’s acquisition of US onshore wind developer LCE, which we regard as a bit of a reversal of strategy.
Focused

EnBW: Solid 1H18, Full Year Reconfirmed

Worth Watching: 30 Jul 2018, 5:40 PM ET - EnBW (A3/A-): The most noteworthy thing in the 1H18 EnBW results was the significantly lower reported FFO and operating cash flow. FFO was 72% lower at €538 mn and OCF declined by 80% to €382 mn. However, this was primarily due to the partial r ..

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.
Focused

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.
Focused

EnBW: Good Quarter, FY Guidance Reconfirmed

Worth Watching: 10 Nov 2017, 2:19 PM ET - EnBW (Baa1/A-): For 2017 EnBW is guiding for adjusted EBITDA to be up by between 0 and 5%, but once again, at the nine month stage, as at the half year it was above this target, with adjusted EBITDA up by 11% to €1.5 bn. This includes the effec ..

China: The Value of Government Ownership

Strategy Analysis: 25 Oct 2017, 1:07 AM ET - We compare state and non-state-owned Chinese property developers, European utilities and European telecoms issuers to deduce the relative value premium for government ownership. 

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.
Focused

EnBW: To Boldly Go....

Company Analysis: 24 Sep 2017, 9:31 PM ET - The EnBW 217 CMD gave a broad outline of strategy and targets to 2025. The focus remains grids, renewables and customer facing services and EBITDA is expected to rise to €3 bn from a target of €2.4 bn in 2020.
Focused

EnBW 1H17: Nuclear Refund Lifts Cash, Lowers Debt

Earnings Note: 27 Jul 2017, 11:43 AM ET - EnBW’s 1H17 results were dominated by the partial repayment of the German nuclear fuel rod tax which resulted in an increase in cash flow and a reduction in net debt.

UK Utilities: Tough Price Controls Ahead

Sector Analysis: 18 Jul 2017, 10:42 PM ET - Last week both Ofwat and Ofgem came out with consultation documents for their next regulatory periods. One thing is clear, the customer is the focus and the allowed cost of capital is going to be lower.

Euro Utilities: EVs Not A Big Demand Driver

Sector Analysis: 12 Jul 2017, 9:00 PM ET - When utilities talk about increasing demand from EV’s they are largely deluding themselves, at least in the medium term. 2020 goals for EV penetration will only increase electricity use by about 1% in European countries.

RWE: To Pay Special Dividend From Nuclear Refund

Worth Watching: 23 Jun 2017, 9:21 AM ET - RWE (Baa3/BBB+): Following the positive court decision on the German nuclear fuel-rod tax, RWE announced on the 23 June that it would propose paying a €1/share special dividend out of the proceeds. The shareholders will need to approve the pay ..
Focused

Euro Utilities: Talkin' Bout My Generation 2017

Sector Analysis: 15 Jun 2017, 10:32 PM ET - We focus on the 2016 generation portfolios of the major European utilities in our annual look at this business segment, which still, on average, makes up more than a third of company EBITDA.

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