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2022/05/23 / Erste Group Research

VERBUND: Grüner Profiteur volatiler Energiepreise

VERBUND berichtete für 2021 einen Konzernumsatz von EUR 4.777 Mio. (+38,5% J/J). Das ist in erster Linie auf die stark gestiegenen Energiepreise zurückzuführen, die teils an die Endkunden weitergegeben, teils am Großhandelsmarkt realisiert werden konnten. Mit Energieerzeugung aus Erneuerbaren zu relativ festen Kosten profitiert VERBUND vom aktuellen volatilen Umfeld. Die positive Geschäftsentwicklung setzte sich im 1Q 2022 fort.

Die Kreditkennzahlen schwächten sich ab, befinden sich aber weiterhin auf guten Niveaus. Moody's und S&P bestätigten kürzlich ihre Ratings mit stabilem Ausblick. VERBUND verfügt über starke ESG-Ratings und einen transparenten Nachhaltigkeitsbericht.

Angesichts der erhöhten Volatilität am Energie-Großhandelsmarkt betreibt VERBUND eine opportunistischere Hedging-Strategie und verringert dadurch die Vorhersehbarkeit der Cashflows. Für Prognose-Unsicherheit sorgen zudem die EU-Bestrebungen, unabhängig(er) von russischen Gaslieferungen zu werden, sowie die aktuelle politische Diskussion über eine Sondersteuer für Versorgerunternehmen.

Für 2022 wird ein (Rekord-)Ergebnis von EUR 1,4-2,0 Mrd. erwartet. Die Ausschüttungsquote für das GJ 2022 soll weiterhin bei 45-55% liegen.

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General information

AuthorErste Group Research
Date2022/05/23
Languagede
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-
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