E.On Earnings: Nothing Unexpected in Final Results; One-Offs Drive Our 3.5% Valuation Increase

No-moat E.On released its final first-half results. There was no surprise since the firm had released them on July 28. They were materially above expectations, mostly thanks to positive one-offs that led E.On to significantly raise its 2023 guidance. Incorporating this drives an increase in our fair value estimate to EUR 11.40 from EUR 11.00. Shares are in 3-star territory.