We set a new target price with the electricity distributor comprising 50% of the fair value. Hopefully, it will be partially sold this year at an EV of at least equal its RAB of E3bn. Assuming debt of E1.5bn is transferred to the distributor, it would equate the fair value, for the PPC shareholder at…
PPC does not produce enough electricity and hence buys 30% of its needs from the market to service its customers. With the target model live, PPC keeps on buying at prices lower than hoped; per MWh at E45 to sell to households at E100 and makes a cool electricity supply EBIT of E400m. We think…
With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.
This note is an attempt to guess how much the share price of PPC may rise in light of selling a stake in Deddie (the distributor).
In the supply business, PPC with…