HALISTER: EON Shares Drop, Jefferies Says Balance Sheet Remains Challenge

EON Shares Drop, Jefferies Says Balance Sheet Remains Challenge

(Bloomberg) -- EON shares fall 4.5%, the most since Feb. 23, on volume that’s 40% of the 3-month average.
  • Jefferies (buy, PT EU9.50) says near-term focus likely to be on new measures to strengthen the balance sheet as part of a nuclear deal
  • NOTE: Co. may have to contribute some financial assets into a state-run fund as part of a proposal by govt-assigned commission to fund Germany’s nuclear exit
  • RELATED
    • EON CFO Doesn’t Rule Out Disposals to Fund Nuclear Exit
    • Earlier: EON Doesn’t Rule Out Capital Measures on Atomic Commission Offer
    • Earlier: EON Profit Beats Estimates With 30% Jump on Gazprom Accord
DATA:
  • Stock has fallen 9.8% month-to-date vs a 2.9% fall in the Stoxx 600 Utilities index; is down 9% YTD vs a 5.1% fall in the SX6P index
  • Of 31 analyst ratings, 16 are buy, 9 hold, 6 sell, with an average PT of EU9.8 implying ~20% upside
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
EOAN GR (E.ON SE)
GAZP RM (Gazprom PAO)

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