|Bid||6.78 x 0|
|Ask||6.78 x 0|
|Day's Range||6.72 - 6.82|
|52 Week Range||4.31 - 6.91|
|Beta (3Y Monthly)||0.70|
|PE Ratio (TTM)||13.81|
|Forward Dividend & Yield||0.28 (4.11%)|
|1y Target Est||N/A|
The Brazilian government awarded on Friday contracts for companies to build new power generation installations with combined capacity of 2.98 gigawatts, that will cost about 11.16 billion reais ($2.71 billion) to be built. According to the power trading chamber CCEE, the new plants, which will need to be operational in six years, will sell energy for an average price of 176 reais per megawatt, a 33% discount over the initial price at the auction. France's Voltalia, Norway's Statkraft and Brazil's Eneva are among the winning bidders.
Chief executives from 30 of the world’s biggest companies have promised to do more in support of investment to tackle a shortfall measuring trillions of dollars a year in funding the UN’s sustainable development goals. The business leaders represent a range of industries from banks such as UBS and China’s ICBC, to pension groups such as Aviva and Japan’s Government Pension Investment Fund, and industrial companies including Enel of Italy and Kenya’s Safaricom. They were brought together by UN secretary-general António Guterres. “Developing fundable, bankable projects that achieve the SDGs requires a supply/demand matchmaking process that is not there yet.
(Bloomberg) -- Concern about an economic slowdown has struck equities hard in the past three days. Amid the bloodbath, utilities -- perceived as safer -- have fared better than others. While the sector is up 17% for the year, it masks strong winners and losers within it. Renewables in particular have outperformed, given that many European governments are looking to boost spending on tackling climate change.Government policies globally are increasingly supporting net-zero carbon targets, underpinning the growth ambitions of utilities including Orsted, RWE, Enel, SSE and EDPR, which are poised to benefit from structurally growing capex pipelines, Bank of America Merrill Lynch says. The analysts estimate renewable players will enter a “golden age” with investments doubling from current levels to 60 billion euros per year.Goldman Sachs analysts are on the same page and said back in August that “climate champions” will benefit from an unprecedented growth to 2030, a call they reiterated last week after the announcement of the German climate package. They forecast a 9% to 12% compounded annual growth rate (CAGR) for those stocks. In a highly fragmented renewable market Goldman has a clear preference for six utility plays: RWE, Orsted, EDP, EDPR, Enel, SSE and Iberdrola. They see the “pioneering” German plan to act as a “blueprint” for the rest of the world.Valuation could put off investors, though. Orsted and EDPR are the two largest pure-play stocks of the sector but they’re also the most expensive. Overall, analysts on average are struggling to find some upside for renewables after the recent rally. UBS analysts turned cautious on Orsted and Iberdrola last month, saying fundamentals are no longer supportive. They prefer other players including Enel and RWE.Some caution might also be needed on German utilities as the government allocated less money in its budget for closing coal-fired power plants than the companies that own them expected.Climate change remains the number one ESG issue for investors, according to BofA. They estimate $70 billion of assets are tied to ESG strategies in the U.S. alone, while $3 trillion of assets currently use climate change and carbon footprint as one of the ESG criteria in their investment process.Among European countries gearing up spending on tackling climate change, Germany already announced it will spend more than 100 billion euros to reduce carbon emissions between 2020 and 2030, with half of the amount in the first three years.With 77 countries now committed to net-zero emissions by 2050, and 87 large companies with a similar pledge, BofA analysts estimate there may be a need to triple the current capacity of renewable projects, as over 75GW of green power purchase agreements (PPA) should be generated.Renewables might be one of the few beneficiaries from the German package, because the country may not commit to much more fiscal spending beyond this new "green" deal, according to Deutsche Bank economists.In the meantime, Euro Stoxx 50 futures are up 0.5% ahead of the European open, while S&P 500 contracts are up 0.1%.SECTORS IN FOCUS TODAY:Watch miners as nickel continues to gain on supply concerns and gold strengthens ahead of highly-anticipated U.S. jobs data. Watch nickel-exposed Eramet, Norilsk Nickel, Aperam, as well as gold miners Polymetal, Centamin, and Fresnillo among others.Watch Apple suppliers following a report that the U.S. tech giant has asked suppliers to increase production of the iPhone 11 range by around 10%. Watch AMS, Infineon, STMicro, Dialog Semi and IQE.Watch the pound and U.K. stocks after U.K. Prime Minister Boris Johnson was given a week by the European Union to revise his Brexit deal or risk a postponement of the divorce. Johnson has a Plan B and might be flexible, a good thing since Brexit might become a problem for the world economy. COMMENT:“It’s illogical that U.K. industrials are outperforming staples amid a gloomy macroeconomic outlook, but we don’t think this is a typical cyclical-defensive play,” Bloomberg Intelligence strategists Tim Craighead and Laurent Douillet write in a note. “Industrials aren’t that economically sensitive and staples are hampered by tobacco. Staples (excluding tobacco) are more clearly exposed to Brexit, U.S.-China trade and global growth than discretionary.”NOTES FROM THE SELL SIDE:Casino PT lowered to EU35 from EU36 at Deutsche Bank, which cites a likely 3Q slowdown for the French retailer and the “limited” likelihood, at this stage, of a bid by domestic rival Carrefour.Huhtamaki’s resilient business model gets support from strong customer relationships, diversified geographical exposure and high exposure to fast-moving consumer goods, Berenberg says, initiating with a buy rating on the stock.COMPANY NEWS AND M&A:BP CEO Dudley to Retire; Bernard Looney SucceedsAllianz to Buy EU1.1b Japan Residential Assets From BlackstoneABN Amro to Look for External CEO Successor, Telegraaf WritesAryzta to Sell Majority of Picard Stake for EU156mSome LSE Investors Tell HKEX to Raise Bid, Offer More Cash: RtrsVivendi Files Claims Against Mediaset, Fininvest Over EGMItaly in Talks With EU Over Monte Dei Paschi Loan Spin Off: RtrsNokia, NEC Win U.S. Trade Case Over Xtera Subsea CablesRCF Price Range Set at EU1.15-1.45, Trading Start Set on Oct. 22Norwegian Air September Total Passengers Y/y -4%TECHNICAL OUTLOOK for Stoxx 600 index:Resistance at 381.1 (50-DMA); 395.1 (July high); 397.9 (June 2018 high)Support at 375.9 (200-DMA); 365.5 (50% Fibo)RSI: 37.6TECHNICAL OUTLOOK for Euro Stoxx 50 index:Resistance at 3,439 (50-DMA); 3,573 (July high); 3,596 (May 2018 high)Support at 3,403 (61.8% Fibo); 3,356 (200-DMA)RSI: 39.6MAIN RESEARCH AND RATING CHANGES:UPGRADES:Arjo upgraded to buy at SEB Equities; PT 40 KronorH&M upgraded to buy at HSBC; PT 225 KronorDOWNGRADES:Atlas Copco downgraded to sell at DNB Markets; PT 275 KronorHexagon downgraded to sell at Goldman; PT 415 KronorMarks & Spencer downgraded to reduce at HSBC; PT 1.50 PoundsSiemens Gamesa downgraded to add at AlphaValueVerbund downgraded to reduce at Oddo BHF; PT 45 EurosINITIATIONS:Altia rated new hold at SEB Equities; PT 8.20 EurosHuhtamaki Oyj rated new buy at Berenberg; PT 45 EurosJD Sports rated new outperform at Exane; PT 8.30 PoundsMARKETS:MSCI Asia Pacific down 0.5%, Nikkei 225 up 0.2% S&P 500 up 0.8%, Dow up 0.5%, Nasdaq up 1.1%Euro up 0.05% at $1.097Dollar Index up 0.05% at 98.91Yen up 0.08% at 106.83Brent up 0.5% at $58/bbl, WTI up 0.6% to $52.8/bblLME 3m Copper down 0.7% at $5620.5/MTGold spot up 0.1% at $1506.9/ozUS 10Yr yield up 1bps at 1.54% ECONOMIC DATA (All times CET):9:30am: (GE) Sept. Markit Germany Construction PMI, prior 46.310am: (IT) 2Q Deficit to GDP YTD, prior 4.1%10am: (UK) Sept. New Car Registrations YoY, prior -1.6%11am: (IT) Istat Releases Revised Quarterly National Account SeriesTo contact the reporter on this story: Michael Msika in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Blaise Robinson at email@example.com, Namitha JagadeeshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
By buying an index fund, investors can approximate the average market return. But if you choose individual stocks with...
German utility RWE has a renewable project pipeline of more than 18 gigawatts (GW), mostly in the United States, it said on Monday, confirming it could pour up to 3 billion euros ($3.3 billion) into green energy sources a year. RWE has transformed itself by taking over the renewables activities of subsidiary Innogy and peer E.ON , which was part of a major reshuffle of Germany's power sector. The move has turned RWE into Europe's third-largest renewables group after Spain's Iberdrola and Italy's Enel.
European shares ended flat on Wednesday, as gains for the defensive real estate and utilities sectors were countered by losses in luxury good makers, with caution prevailing ahead of the U.S. Federal Reserve's interest rate decision. After flitting between small gains and losses during the session, the pan-European STOXX 600 closed with a tiny 0.02% gain as investors awaited the U.S. central bank's monetary policy statement due at 1800 GMT. With a rate cut from the U.S. central bank near-certain investors will be focussed on forward guidance, as policymakers are deeply divided on the need for further easing amid improving U.S. economic data.
Moody's Investors Service ("Moody's") has today confirmed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR). The outlook has been revised to stable, from rating under review. The action completes the review for downgrade initiated on 13 June 2019 following Enel Russia's announcement to sell its largest generating asset Reftinskaya GRES (RGRES) to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion.
Enel SpA (BIT:ENEL) is about to trade ex-dividend in the next 3 days. If you purchase the stock on or after the 22nd...
Moody's Investors Service ("Moody's") has today changed to positive from stable the outlook on ENEL S.p.A. ("Enel" or "the group"). Moody's has also affirmed the Baa2/(P)Baa2 senior unsecured ratings of Enel. At the same time, Moody's has changed to positive from stable the outlook on the guaranteed subsidiaries ENEL Investment Holding B.V. and ENEL Finance International N.V. Moody's has also affirmed their Baa2/ (P)Baa2 senior unsecured ratings, the debt Enel has assumed of ENEL Finance International S.A., the Prime-2 (P-2) short-term rating of ENEL Finance International N.V., and the Ba1 rating of Enel's subordinated debt (also known as "Hybrids").
Moody's Investors Service ("Moody's") has today placed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR) on review for downgrade following its announcement to sell its largest generating asset Reftinskaya GRES to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion. The transaction is subject to the approval of the Russian Federal Antimonopoly Service and to the shareholders' approval which should be obtained on 22 July 2019. Moody's expects Enel Russia to exclude Reftinskaya GRES from its financials by end-2020 at the latest.
Rating Action: Moody's assigns definitive ratings to CMBS notes issued by ERNA S.R.L. Global Credit Research- 04 Jun 2019. EUR 300 million of CMBS rated.
Moody´s América Latina ("Moody´s") assigned Ba1/Aaa.br (Global Scale and Brazilian National Scale, respectively) ratings to the issuance of BRL1.5 billion senior unsecured debentures maturing in May 2026 planned by Eletropaulo Metropolitana de Eletricidade de São Paulo S.A (Eletropaulo). Issuance proceeds will serve to partly refinance Eletropaulo's debts and also support its capital investment program. Should issuance conditions and/or final documentation deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly.
Moody's Investors Service ("Moody's") has today assigned a Ba1 long-term rating to the Capital Security (the junior subordinated "Hybrid") to be issued by ENEL S.p.A. ("Enel"). The Ba1 rating assigned to the Hybrid is two notches below Enel's senior unsecured rating of Baa2, reflecting the features of the Hybrid. It is very long-dated, deeply subordinated and Enel can opt to defer coupons on a cumulative basis.
Rating Action: Moody's assigns provisional ratings to notes to be issued by ERNA S.R.L. Global Credit Research- 09 May 2019. Approximately EUR 300 million of CMBS rated.