Neoen rises after hiking 2022 outlook for third time
02/02/2023 08:53
** Shares in Neoen NEOEN.PA rise around 4% after it hiked
its FY22 EBITDA guidance to above 410 mln euros ($451.21 mln)
** This is the third time the renewables company has raised
its guidance as it benefits from larger volume of electricity
generated from growth in its solar and wind capacity
** "The new guidance signals management's confidence in the
company's underlying performance, as well as progress made in
its pipeline development," Barclays says
** J.P.Morgan expects Neoen to give "solid" FY23 guidance
when it reports FY22 results on Feb. 28, and a "strong consensus
earnings momentum on the name in the coming months"
** JPM says forecast upside likely came from capturing
extraordinary merchant prices on new volumes, where Neoen sells
the ramp-up generation on the market until the subsidy starts
($1 = 0.9087 euros)
(Reporting by Piotr Lipinski)
((piotr.lipinski@tr.com))