Verbund AG Class A

VER: XWBO (AUT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€88.00	Ptyy	Nsgqdmtf

Verbund Earnings: Good Hydro Conditions Mitigate the Impact of Lower Power Prices

Tancrede Fulop

May 8, 2024

We confirm our EUR 59 fair value estimate based on midcycle power price assumptions of EUR 60/megawatt-hour after wide-moat Verbund released first-quarter results hit by lower achieved power prices, but tweaked its 2024 guidance upward due to very favorable hydro conditions and the rebound of power prices since February. Shares appear overvalued.

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