Verbund Earnings: 2023 Guidance Raised on Lower-Than-Expected Windfall Tax

Wide-moat Verbund released solid nine-month results and upped its 2023 guidance. The latter points to a 2023 dividend of EUR 3.42, 5% below last year that was boosted by a special dividend and implying a 4.2% yield. We confirm our EUR 66 fair value estimate based on our long-term power price assumption of EUR 60 per megawatt hour. We calculate that the current share price implies a long-term power price of EUR 90/MWh.