Verbund AG Class A

VER: XWBO (AUT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€47.00	Ycggq	Kzwhcfm

Verbund: Initiating Coverage With Fair Value Estimate of EUR 66 and Wide Moat

Tancrede Fulop

Jun 21, 2023

We initiate coverage of Verbund with a EUR 66 fair value estimate, wide economic moat rating, and High Morningstar Uncertainty Rating. Our fair value estimate involves a 2023 P/E of 10.1 and enterprise value/EBITDA of 6.2 due to the record profits that we expect in 2023 on the back of high achieved power prices. We don't see enough margin of safety to buy shares at the current price.

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