Friedrich Vorwerk: "Energy transition winner" - Berenberg starts with "buy"
04/05/2021 07:44
** Berenberg initiates German energy infrastructure group
Friedrich Vorwerk VH2.DE with a "buy" rating, seeing it
benefiting from the energy transition in Germany due to its
significant market share in past German infrastructure
investments
** According to Berenberg, Vorwerk is one of only a few
groups in Germany that have the expertise required to carry out
complex energy projects, with Vorwerk having a combination of
technological know-how, experience and regulatory accreditations
** "In our view, the combination of the above factors
creates a significant competitive advantage for Vorwerk, as well
as significant barriers for new entrants into the market for
critical energy infrastructure," Berenberg says
** The broker also sees the group reaching double-digit
growth by 2025, while noting that Vorwerk's high profitability
can support high dividend payout ratios
((antonis.pothitos@thomsonreuters.com))