Verbund guidance cut weighs on shares

VERBUND AG

03/11/2022 08:57

** Shares in Verbund  VERB.VI  drop 3% after the Austrian
hydropower producer cut its FY guidance as it reported 9-mth
results
    ** Credit Suisse views the release as a small negative given
the guidance cut
    ** Verbund now expects EBITDA in a range of 2.8 bln to 3.3
bln euros and a reported group result of between 1.53 bln and
1.88 bln euros in FY 2022
    ** It had previously forecast EBITDA of 3.00-3.50 bln and
reported group result of between 1.68-2.03 bln euros
    ** While Credit Suisse says 9-mth results came in line with
its expectations, Vontobel says Q3 EBITDA figure of EUR 554 mln
was some 10% below the broker's estimates and adjusted net
result at EUR 248 mln was 24% below
    ** Vontobel adds that sales and thermal segments were
relatively weak
    ** "There should be a negative reaction today," it says
    ** Both brokers clarify there was no consensus available for
the company
    ** Shares among worst performers on Austrian blue-chip index
 .ATX 
 (Reporting by Linda Pasquini)
 ((Linda.pasquini@thomsonreuters.com))