Neoen SA

NEOEN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€44.83	Qvbcb	Jclvrtqx

Neoen Earnings: Affected by Lower Power Prices, 2024 and 2025 Guidance Confirmed

Tancrede Fulop

Jul 26, 2024

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.

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