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Vattenfall

Vattenfall is the largest Nordic utility with a strong presence in Sweden and assets in Finland and Denmark. Through its Nuon acquisition, Vattenfall now has a good position in the Netherlands (Nuon is one of the two largest utilities in the Netherlands). In 2017 total group generation was 127.3TWh (generation from continuing operations in 2016 was 119TWh). The completed sale of the lignite assets in Germany has reduced Vattenfall's German generation, but Germany remains an important country for the company. Vattenfall's strategic focus has seen it concentrate on core areas, selling its distribution and heat assets in Finland as well as assets in Poland and Belgium, the electricity grid in Hamburg, its fossil-based plants in Denmark and its lignite operations in Germany. Vattenfall remains in a period of consolidation and organic growth, focusing on low CO2 emitting technologies and on core markets, where it has, or can build, critical mass. It seeks to grow in Renewables and sustainable generation outside the Nordic markets. (12 Feb 2018)

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

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Focused

Vattenfall and Orsted: No Fireworks In 9M18

Earnings Note: 04 Nov 2018, 10:18 PM ET - 9M18 Results from Orsted were good and from Vattenfall were reasonable, although they suffered for weak performance in the Heat business. We continue to see both companies performing in line with the wider market. 

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Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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Vattenfall: To Sell Heat Business In Hamburg

Worth Watching: 09 Oct 2018, 10:41 PM ET - Vattenfall (A3/BBB+): Back in June 2017 in a comment on Vattenfall's Heat business we wrote that one potential issue was that the City of Hamburg had a call option on the Hamburg Heat business which could see Vattenfall losing a significant part ..

Ørsted 1H18: Wind Of Change

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Focused

Nordic Utilities 1H18: No Surprises, No Changes

Earnings Note: 22 Jul 2018, 9:56 PM ET - There were no real surprises in the Fortum or Vattenfall 1H18 results. We maintain our Underperform view on Fortum and our Market perform view on Vattenfall. 
Focused

Vattenfall: CMD 18 - Delivering On Strategy

Company Analysis: 21 Jun 2018, 9:01 PM ET - We attended the Vattenfall 2018 capital market day in London on 18 June, and the main take-away for us was that Vattenfall is on an upward path and delivering on its strategy.

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.
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Nordic Utilities 1Q18: Good Start To The Year

Earnings Note: 29 Apr 2018, 9:53 PM ET - The three main Nordic utilities reported solid results for 1Q18. For Vattenfall and Ørsted it was business as usual but Fortum still has the uncertainty of the Uniper transaction. Maintain M/P on Vattenfal and Ørsted and U/P on Fortum.
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 
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Vattenfall: Wins Zero Subsidy Wind Farm Auction

Worth Watching: 19 Mar 2018, 9:59 PM ET - Vattenfall (A3/BBB+) announced on 19 March that it had won the bid for the 700-750MW Hollandse Kust Zuid 1 and 2 offshore wind farm, the first non-subsidised wind farm in the Netherlands. The wind farm which needs to be operational within five ..
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Vattenfall FY17: Results Turn A Corner

Earnings Note: 07 Feb 2018, 2:45 PM ET - After years of big write-offs, negative results and no dividends Vattenfall turned a corner with its FY17 results, moving back to profit and declaring its first dividend for five years.

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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

Vattenfall: Good 9M17, All Going To Plan

Worth Watching: 27 Oct 2017, 3:19 PM ET - Vattenfall (A3/BBB+) reported good 3Q and 9M results with underlying operating profit (continuing operations) up by 10% to SEK16 bn (€1.7 bn). All main business units showed an increase except for Customers & Solutions which was down 14%, impac ..

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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.

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.

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