Neoen SA
NEOEN: XPAR (FRA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€55.75 | Jnfl | Wxfdmnlj |
Neoen Earnings: Affected by Lower Power Prices, 2024 and 2025 Guidance Confirmed
We confirm our EUR 39.85 fair value estimate aligned with the takeover bid of Brookfield after no-moat Neoen released first-half results affected by lower power prices and confirmed its 2024 and 2025 guidance. Shares are driven by risk-arbitrage, so the current discount to the takeover price is driven by the time to completion of the offer expected in the first quarter of 2025.