E.ON SE

EOAN: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€62.00	Vbsgc	Vdxjwzchc

E.On Earnings: 2023 Guidance Appears Conservative After a Strong Start to the Year

Tancrede Fulop

May 10, 2023

We confirm our EUR 11 fair value estimate after no-moat E.On posted a strong earnings rebound in the first quarter, slightly above FactSet consensus. The firm now guides for the upper end of its 2023 guidance. We believe it will be exceeded. However, this appears more than priced in as the shares look overvalued.

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