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$RWE (+1,66%)
$BIRK (+1,66%)
$9618 (-1,66%)
$DE (-0,15%)
$FR (-1,48%)
$NU (+8,5%)

The idea behind it: The German government is planning to invite tenders for gas-fired power plants with a capacity of 20 gigawatts. In this area $RWE (+1,66%) very well positioned. I therefore see a potential of 250% in this share for the next 8-12 weeks. To achieve this, the share would have to rise by around 17%. Conversely, a 7% fall in the share price would lead to a loss of 56%.

So not quite so conservative after all. Sorry!!!

$RWE (+1,66%) published its results for the first quarter on May 15, 2025. Despite a year-on-year decline, the company confirmed its forecast for the year as a whole (RWE)

Key financial figures Q1 2025

• Turnover6.435 million euros (previous year: € 6.671 million)
• Adjusted EBITDA1.307 million euros (previous year: € 1.709 million)
• Adjusted consolidated net profit498 million euros (previous year: € 801 million)
• Net result: 791 million euros (previous year: € 1,970 million)(MarketScreener, MarketScreener)

The decline is mainly due to weak wind conditions and a lower trading result. (MarketScreener)

Outlook for 2025

RWE confirms its forecast for the year as a whole:

• Adjusted EBITDA: between 4.55 and 5.15 billion euros
• Adjusted net incomebetween 1.3 and 1.8 billion euros
• Dividend1.20 euros per share(Reuters)

RWE is also planning a share buyback program of €1.5 billion until the second quarter of 2026 (Reuters)

Further information

Detailed information and presentations can be found on the Investor-Relations-Seite von RWE.(RWE)

Merck backtracks on annual forecast + Deutsche Telekom increases profits significantly + Siemens grows strongly + Mediamarkt parent Ceconomy improves profitability + RWE records losses as expected

Merck $MRK (+0,35%)rows back with annual forecast

• The pharmaceutical and technology group Merck KGaA is lowering its targets for the year due to the recent strong exchange rate fluctuations, for example in the US dollar.
• In addition, the slight adjustment of the forecast in the laboratory business also reflects the "current uncertainties with regard to customs duties", the DAX-listed company announced in Darmstadt on Thursday.
• Nevertheless, Merck remains confident of achieving sustainable growth.
• Management now expects sales for the year as a whole to be in the range of EUR 20.9 to 22.4 billion, compared to the previous forecast of EUR 21.5 to 22.9 billion.
• Earnings before interest, taxes, depreciation and amortization adjusted for special items (adjusted EBITDA) are now expected to come in at 5.8 to 6.4 billion dollars in 2025 instead of the previously targeted 6.1 to 6.6 billion dollars.
• Meanwhile, Merck continued its recovery from a post-corona dip at the start of the year.
• Sales climbed by around three percent year-on-year to 5.28 billion euros, with the Group benefiting from the recovery in the pharmaceutical manufacturing business, particularly in the laboratory sector.
• However, semiconductor materials for AI applications also remained in demand.
• The operating result (adjusted EBITDA) rose by almost six percent to EUR 1.54 billion and exceeded analysts' average expectations.
• Merck earned 738 million euros after taxes, compared to 699 million euros a year earlier.

Deutsche Telekom $DTE (+0,41%)increases profit significantly

• Deutsche Telekom continued to benefit from the growth of its US subsidiary in the first quarter and slightly raised its profit outlook for the year as a whole.
• Thanks in part to the even stronger dollar in the first quarter, the DAX-listed company's revenue increased by 6.5 percent to 29.8 billion euros, as the Bonn-based company announced on Thursday.
• Increasing service revenues in German mobile communications also contributed to this.
• The operating result adjusted for special items (EBITDA AL) rose by 7.9 percent to just under 11.3 billion euros.
• Below the line, special effects in particular led to a significant increase in profit of 43.5 percent to 2.8 billion euros.
• Based on constant exchange rates from the previous year, Deutsche Telekom CEO Tim Höttges now expects an operating result of around 45.0 billion euros and a free cash flow AL of around 20.0 billion euros.
• This is 100 million euros more than before. The reason for this is that the US subsidiary had already slightly increased its forecast due to acquisitions.

Siemens $SIE (+0,7%)grows strongly

• The technology group Siemens grew strongly in the second quarter and performed better than expected.
• The company benefited from robust business in the field of intelligent infrastructure, the Mobility train division and the medical technology subsidiary Healthineers.
• Turnover rose by seven percent to just under 19.8 billion euros at the end of March, as the company announced in Munich on Thursday. Adjusted for currency and portfolio effects, the increase was six percent.
• The result of the industrial business increased by almost 30 percent to 3.24 billion euros.
• Siemens also benefited from the sale of non-core activities at Smart Infrastrucure.
• Order intake grew significantly by ten percent to 21.6 billion euros.
• The Train Division and Siemens Healthineers recorded significantly more new business.
• Incoming orders in the Digitalization division were at the previous year's level.
• There were rays of hope in the automation business, which has been weakening for some time: Siemens recorded significant growth there again thanks to higher demand from China.
• According to Siemens, the excess inventory in the region, which had been persisting for several quarters, was coming to an end.
• In contrast, automation orders in Germany had declined considerably.
• The figures were significantly better than analysts had expected.
• Siemens confirmed its forecast for the current fiscal year.
• The recently completed takeover of the US software group Altair is still not included.

Mediamarkt parent company Ceconomy $CEC (+0,11%)improves profitability

• The Mediamarkt and Saturn parent company Ceconomy has further improved its profitability.
• Adjusted earnings before interest and taxes (EBIT) doubled to ten million euros in the traditionally weaker second quarter, as the retail group announced in Düsseldorf on Thursday.
• "For the ninth time in a row, we are growing sustainably and improving our profitability - proof that our strategy is successful and is being implemented consistently," said interim CEO Kai-Ulrich Deissner.
• The former CFO has taken over the position from Carsten Wildberger, who has moved into politics and is now in charge of the Digital Ministry in the new German government.
• According to the company, it is on course to achieve its medium-term targets.
• "We are focusing on strict cost discipline and adapting quickly to market changes," commented interim CFO Remko Rijnders.
• Turnover fell from 5.3 to 5.2 billion euros in the three months to the end of March.
• Analysts had expected an increase. Adjusted for currency and portfolio effects, Ceconomy achieved growth of 1.3 percent.
• Ceconomy's realignment from a traditional retailer to an omnichannel platform is reportedly progressing.
• Adjusted for currency and portfolio effects, online sales increased by 7.4 percent to just under 1.3 billion euros, accounting for a quarter of total sales.
• Ceconomy confirmed its forecast for 2024/25.

RWE $RWE (+1,66%)records losses as expected

• As expected, the energy group RWE suffered a decline in operating profit at the start of the year.
• Among other things, the DAX-listed company recorded a rather weak start to the year in energy trading.
• Furthermore, weak wind conditions in Europe led to lower wind power production at sea and on land and thus to a drop in earnings, RWE announced in Essen on Thursday.
• The Executive Board confirmed its forecast for the year and operating earnings before interest, taxes, depreciation and amortization (ber EBITDA) fell by 23.5 percent to 1.3 billion euros in the first quarter.
• Adjusted for special effects, net profit even fell by almost 38 percent to just under half a billion euros.
• The results were thus roughly in line with the analysts' estimates made by the company in advance.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• BMW € 4.30
• Microsoft Corp $0.83
• Unilever PLC £ 0.39
• Shell PLC $ 0.36
• BP PLC £ 0.06
• Exxon Mobil Corp $ 0.99
• GSK PLC £ 0.16

• Quarterly figures / company dates USA / Asia
• 13:00 Walmart quarterly figures
• 13:30 Alibaba Group quarterly figures
• 14:00 Blackrock | Morgan Stanley AGM
• 22:30 AT&T AGM
• No time specified: Applied Materials | Deere & Co Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 TAG Immobilien | Allianz | Ceconomy | Deutsche Telekom | Merck KGaA
• 07:00 RWE | Siemens quarterly figures
• 07:00 Thyssenkrupp | Aareal Bank | Grenke | Schott Pharma | Südzucker
• 07:00 Thyssenkrupp Nucera quarterly figures
• 07:30 Prosiebensat1 | Talanx | Dermapharm | Douglas | Port of Hamburg
• 07:30 MLP quarterly figures
• 07:50 Engie | Energiekontor quarterly figures
• 08:00 RTL Group | Wüstenrot & Württembergische | Villeroy & Boch | Jost Werke
• 08:00 National Grid quarterly figures | Siemens PK
• 09:00 Thyssenkrupp PK | Ceconomy Analyst Conference
• 09:30 Merck KGaA PK | Siemens Analyst Conference
• 10:00 Aixtron | Commerzbank | Eon | Heidelberg Materials | Hugo Boss
• 10:00 Elmos Semiconductor | Redcare Pharmacy | Just Eat Takeaway AGM
• 10:00 Deutsche Telekom | RWE PK
• 11:00 Borussia Dortmund Quarterly Figures | United Internet AGM | Allianz PK
• 11:00 Thyssenkrupp Analyst Conference
• 11:30 Grenke PK
• 13:00 RWE Analyst Conference
• 14:00 Allianz | Merck KGaA Analyst Conference

• Economic data

08:00 DE: Wholesale prices April

08:00 UK: GDP (1st release) | GDP March | Trade Balance March | Industrial Production March

08:45 FR: Consumer prices April

09:00 FR: ECB Director Cipollone, speech at French payments forum

11:00 EU: GDP (2nd release) 1Q Eurozone FORECAST: +0.4% yoy/+1.2% yoy 1st release: +0.4% yoy/+1.2% yoy 4th quarter: +0.2% yoy/+1.2% yoy

11:00 EU: Industrial Production March Eurozone FORECAST: +1.1% yoy/+2.1% yoy Previous: +1.1% yoy/+1.2% yoy

14:30 US: Initial jobless claims (week) PROGNOSE: 226,000 previous: 228,000 | April producer prices PROGNOSE: +0.3% yoy previous: -0.4% yoy | Philadelphia Fed Index May PROGNOSE: -10.5 previous: -26.4

14:30 US: Retail Sales April PROGNOSE: +0.1% yoy previous: +1.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy 14:30 US: Empire State Manufacturing Index May PROGNOSE: -9.0 previous: -8.1

15:15 US: Industrial Production and Capacity Utilization April Industrial Production PROGNOSE: +0.1% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.8% previous: 77.8%

16:00 US: Inventories March PROGNOSE: +0.2% yoy previous: +0.2% yoy

$RWE (+1,66%)

110 dividend reinvested immediately.

- Company portrait

- Leading energy network operator

- Provider of energy-related services

- Stable business model

- Attractive market environment

- Value development

- Profiteer of the energy transition

- Nuclear energy phase-out in April 2023

- Management & strategy

- Financial situation

- Company outlook

Link: https://shorturl.at/PPI2I

$EOAN (-0,35%)
$RWE (+1,66%)
$ENR (-1,64%)
#eon

1. energy consumption of data centers and the role of RWE

One user shared a detailed analysis on the increasing energy demand of data centers, especially due to Artificial Intelligence (AI) applications. He emphasized that companies like RWE could benefit from this growing energy demand, as they play a key role in supplying this infrastructure as an energy provider. The article highlights that RWE is well positioned to benefit from this trend by providing power to data centers and investing in renewable energy.

2nd target price adjustment by Berenberg

According to an article on Getquin, Bank Berenberg has lowered its target price for RWE from €46.50 to €42, but maintains its Buy recommendation. This adjustment could be due to current market conditions or company-specific factors.

3 RWE's exposure to CO₂ utilization

In a discussion on carbon capture and utilization (CCU), RWE is mentioned as one of the companies that filters and compresses gases with CO₂ from the air and makes them usable for industrial purposes. This commitment underlines RWE's efforts to integrate more sustainable practices into its business models.

4. expected dividend increase

Another article points out that RWE is one of the companies expected to increase its dividend. This expectation could be interesting for investors looking for stable and growing dividend yields.

🔥In summary, the discussion on Getquin shows that RWE is active in various areas, from adapting to increasing energy demand through technological developments to implementing sustainable practices and the prospect of financial benefits for investors.

$RWE (+1,66%)
$EOAN (-0,35%)
$JPM (-0,04%)
#energy
#energie
#strom

Yesterday, RWE also held its analysis conference ($RWE (+1,66%)) to present the results for the 2024 financial year.

Markus Krebber (CEO) and Michael Müller (CFO) gave a detailed insight into the developments and then answered the analysts' questions. Here is my summary of the key points:

Markus Krebber began with a positive review of 2024. Despite a decline in European commodity prices at the at the beginning of the year, RWE was able to keep its promises. The robust business portfolio enabled a strong operating and financial performance. As a sign of adaptability and capital allocation to shareholders, a share buyback program with a volume of EUR 1.5 billion was launched in the fourth quarter of last year. share buy-back program with a volume of EUR 1.5 billion was initiated.

Although the market for the demand for electricity are promising and significant investments in additional electricity generation capacity are capacity is required in all core markets, there is a higher uncertainty in the investment environment. RWE will therefore be more cautious when making additional more cautious commitments. The company is aiming for a conservative leverage ratio to ensure a strong balance sheet in volatile times. The internal requirements have been increased across all technologies and markets increasedand stricter investment stricter investment criteriacriteria, particularly in the USA.

This will lead to a significant reduction in the investment program by 2030. For the years 2025 to 2030, the planned investments were reduced by 25 % or EUR 10 billion compared to the capital market day 2023. Part of this optimization is an active sell-down and partnering strategy for the offshore portfolioto reduce the burden of tied-up capital during the construction phase. Nevertheless, projects with a total capacity of total capacity of 12.5 gigawatts under constructionwhich net committed investments of currently EUR 13 billion. at present.

These projects are expected to attractive returns deliver attractive returns. While the planned investments for 2025 are fully committed, there will be a high degree of flexibility in capital flexibility in the allocation of capital. The financial targets have been confirmedA EPS growth (CAGR) of 18 % from 2025 to 2027which is EUR 3 per share as well as the long-term target of EUR 4 adjusted earnings per share in 2030. The increased dividend for 2024 was confirmedand a a further increase of EUR 0.10 to EUR 1.20 per share for 2025 is targeted. The current share buyback program of EUR 1.5 billion will run until the second quarter of 2026.

Looking back on 2024, Krebber emphasized the strong financial and operational performance which is based on the robustness of the integrated generation portfolio was based. The adjusted EBITDA amounted to EUR 5.7 billion and exceeded the middle of the forecast range. The adjusted earnings per share amounted to EUR 3.1 and was also well above the middle of the forecast range. At the same time progress was made with decarbonization was achieved. The CO2 emissions fell by a further 13% in 2024 compared to the previous year. Over the course of the last twelve months six lignite-fired power plants with a total capacity of 2.4 gigawatts were decommissionedand the Dutch Amer power plant Amer power plant was converted to 100% biomass. The Science Based Targets Initiative (SBTi) confirmedthat RWE's climate targets for reducing emissions are compatible with the 1.5-degree pathway. path.

The updated capital allocation plans up to 2030 take into account the latest market developments. On the one hand, the power sector in Europe and the USA shows strong fundamentals. The demand for electricity is expected to increase significantlydriven by the general electrification and the need additional data centers to support the artificial intelligence. Power generation from renewable energies in combination with batteries and gas back-up should ensure the necessary additional supply. Significant investments are required in renewable energies, batteries and gas-fired power plants in all core markets. On the other hand, these massive investments require a stable and reliable investment framework which is currently associated with higher uncertainties is currently fraught with uncertainty. Questions about energy policy in the USA and geopolitical tensions have a potential impact on international trade. RWE is responding to this environment with a more cautious approach, higher return targets and stricter investment criteriaespecially in the USA.

The active portfolio management of the offshore wind business is part of the optimized capital allocation. The aim is to reduce the reduce the burden of tied-up capital for projects under construction. RWE pursues a systematic approach and reviews projects in all three phases (development, construction, operation) in terms of risk and capital intensity in order to determine the optimum time and scope for farm-downs. farm-downs for farm-downs.

Many important topics were covered in the subsequent Q&A session:

Peter Bisztyga (Bank of America) asked about the potential share of RWE in the planned 20 gigawatt CCGT power plants in Germanythe associated capital expenditurethe speed of implementation and the necessary framework conditions from the government. Markus Krebber believes that RWE is in a very good position to benefit from this project, particularly due to the advanced planning, good locations and preliminary contracts with suppliers. In view of a current market share of 20%, this could be an indicator of the potential. However, investments would only be made with very attractive returns, which are expected due to less competition. With regard to data centers Krebber sees three possibilities: Sale of significant PPA volumes, Sale of space no longer required and utilization of the existing infrastructure through long-term leasespossibly with 24/7 power supply and green PPAs. Further announcements in all three areas could follow this year.

Alberto Gandolfi (Goldman Sachs) addressed the EPS target for 2027 and noted that the current guidance no longer includes gains from asset rotations which were estimated at around EUR 300m (EUR 0.30 EPS) at the previous Capital Markets Day. He asked about the drivers for the 10% upgrade without these gains. Michael Müller confirmed the assumption regarding the asset rotations. Markus Krebber added that the higher return expectations and the flexibility between investments and share buybacks play a role here. Gandolfi also asked about the prioritization of share buybacks over investment opportunities such as the German infrastructure plan and whether there is a certain share price price at which share buybacks are preferred. Krebber emphasized that RWE aims for higher returns on new investments and will return capital to shareholders if these returns are not achieved. There is no specific share price formula, but the share price is part of the considerations. In the current market environment, a further share buyback would be more likely to be considered from 2026 if there is flexibility.

Deepa Venkateswaran (Bernstein) asked about the confidence in achieving the EPS target of EUR 4 for 2030despite capital expenditure being EUR 8.5bn lower than previously announced. Michael Müller explained that higher return expectationsthe balance between investments and share buybacks and potential adjustments to the cost structure are the decisive factors here.

Ahmed Farman (Jefferies) asked for a breakdown of the EUR 10bn CapEx reduction by gross reduction by gross reduction and farm-downs/disposals as well as an estimate of the expected proceeds from farm-downs/sales until 2027. Markus Krebber named the following areas with lower investments US offshore (no further planned), Hydrogen (significantly reduced) and US onshore (no more for the time being). The lower net offshore investments are partly due to farm-downs, but also to the reluctance to take on more merchant risk in the current situation.

Olly Jeffery (Deutsche Bank) asked whether RWE would also no further US onshore investments beyond 2025/26 and taking into account potential German gas-fired power plant investments and AR7 investments sufficient balance sheet capacity for further share buybacks in the order of magnitude of the current program. Markus Krebber referred to the Norfolk projectwhere a farm-down is being sought to limit net capital expenditure. The decision on capital allocation from 2026 onwards, including further share buybacks, will be made later in the year or early next year, taking into account return expectations and the share price.

Harry Wyburd (BNB Paribas Exane) asked about the current developments in the installation costs for renewable energies (onshore and offshore wind) and whether falling costs could improve the chances of success of future auctions. Markus Krebber currently sees a plateauing in costs and even expects the slowdown in the expansion of US offshore wind to ease the supply chain. easing in the supply chain. In his opinion, however, this will not automatically lead to a greater willingness on the part of developers to take on more merchant risk. He pleads for adapted subsidy modelssuch as inflation-adjusted bilateral CfDs with longer maturities to enable investment while reducing costs for consumers. Wyburd also asked about the risks in the supply chain for new gas-fired power plants. Krebber confirmed that the delivery times for gas turbines are currently long (approx. 2028)but that RWE can protect itself through reserved production slots for the planned projects. He indicated that this gives RWE a competitive advantage could give RWE a competitive advantage.

Rob Pulleyn (Morgan Stanley) missed the mention of Amprion and asked about the the status of the sales process for the 25.1 % stake and and whether the potential proceeds had already been taken into account in today's planning. Markus Krebber confirmed that options for Amprion are being examinedto solve the high capital requirements there, as RWE does not wish to invest further in the TSO business. A partial or full sale is possible and the potential proceeds are not yet included in the net not yet included in the net capital expenditure presented.

Piotr Dzieciolowski (Citi) asked about the implications of the higher yield requirements for the long-term targets and whether the lower CapEx requirement will have an impact on operating expenses (e.g. development costs). Michael Müller confirmed that this was all taken into account in the figures and that fewer investment opportunities would also have an impact on the cost structure.

Conclusion:

In the 2024 financial year, RWE achieved a strong operating and financial performance and exceeded expectations. For the future, however, the company is more cautiousinvestments, in response to the increased uncertainty in the global market and energy policy risks, particularly in the USA. The reduction of the investment program and the focus on higher returns indicate a more disciplined allocation of capital. At the same time, the company is underlining its commitment to attractive shareholder returns through the ongoing share buyback program and the goal of continuous dividend growth.

The offshore wind division continues to develop positively and RWE is focusing on farm-down partnershipsto conserve capital. Battery storage remain an important growth area. Overall, the conference gives the impression of a company that is leveraging its strengths, but at the same time is aware of the current challenges and reacts flexibly to them.

$RWE (+1,66%) Let's see what time brings 😏

At 53 billion euros, the 40 DAX companies are likely to pay out almost one billion euros more this year than a year ago - more than ever before.

The reason for the strong development is high consolidated profits and unexpectedly rising dividends at a good dozen companies, including $ALV (+0,69%) Allianz, $MUV2 (+0,22%) Munich Re and $RHM (-2,74%) Rheinmetall.

At 109 billion euros net profit, the DAX companies are likely to have earned as much in 2024 as in the previous year, according to Handelsblatt calculations. Slump in earnings for the three car manufacturers $BMW (+1,63%) BMW, $MBG (+1,52%) Mercedes and $VOW (+0,49%) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (-0,31%) Hannover Re, but also $DTE (+0,41%) Deutsche Telekom, $HEN (+1,11%) Henkel and $EOAN (-0,35%) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (+0,69%) 15.40 euros per share after 13.80 euros in the previous year. Analysts had forecast just under 15 euros. The insurer is thus distributing just under six billion euros. This is a record in the German corporate landscape.

The biggest jump is at $MUV2 (+0,22%) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (-0,15%) Fresenius and $FME (+1,03%) Fresenius Medical Care, the brand manufacturer $HEN (+1,11%) Henkel, the automotive supplier $BTR Continental, the $CBK (-1,2%) Commerzbank, $RHM (-2,74%) Rheinmetall and $HNR1 (-0,31%) Hannover Re have raised their dividends, in some cases significantly more than expected. This is also due to rising profits, which justify a higher profit share for shareholders.

The largest dividend payers in the DAX are

• $ALV (+0,69%)
• 
  $DTE (+0,41%)
• 
  $MBG (+1,52%)
• 
  $SIE (+0,7%)
• 
  $VOW (+0,49%)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (+1,58%) Beiersdorf and $MRK (+0,92%) Merck. They pass on less than 30 percent of their profits. This leaves enough of a buffer so that dividends do not have to be reduced immediately in more difficult times.

Germany's most valuable group, $SAP (+0,07%) SAP, with a payout ratio of 85%, is pushing the limit: net profit of 3.1 billion euros in the past year compares with a total dividend payout of 2.7 billion euros. However, the profit was burdened by a one-off effect.

So far, a total of 20 companies have increased their dividends, with only $BAS (+1,59%) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (+1,66%) RWE, $SY1 (+0,25%) Symrise and $VNA (+0,17%) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (+0,56%) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25