Deutsche Bank sees "moderately positive" year for European utilities
19/01/2026 10:31
** Deutsche Bank outlines a "moderately positive" view for European utilities following the sector's strongest performance since 2007 last year ** "After a year of excitement around rising network capex and data centre fuelled power demand, earnings growth is accelerating", DB says, though it warns that hopes for strong-near demand growth may be "overdone" ** The brokerage updates its forecast, expecting earnings CAGR in 2026-2031 to grow at 6%, up from its previous outlook of 4% growth for the 2025-2030 period ** It downgrades Spain's Enagas ENAG.MC from "hold" to "sell", seeing "scope for disappointment from the Spanish regulatory review ** It also cuts Italgas IG.MI to "hold" from "buy", saying that the current stock price reflects the "attractive" outlook, as the utility's share price has doubled since October 2023
| COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
| Enagas | Sell | Hold | EUR 12.00 | EUR 12.80 |
| Italgas | Hold | Buy | EUR 10.30 | EUR 10.00 |
| Acciona Energia ANE.MC | Hold | - | EUR 21.00 | EUR 20.00 |
| EDP EDP.LS | Hold | - | EUR 4.20 | EUR 4.10 |
| EDPR EDPR.LS | Hold | - | EUR 12.50 | EUR 12.00 |
| Elia ELI.BR | Hold | - | EUR 105 | EUR 95 |
| Enel ENEI.MI | Hold | - | EUR 8.50 | EUR 7.70 |
| Engie ENGIE.PA | Buy | - | EUR 25.00 | EUR 21.50 |
| E.ON EONGn.DE | Buy | - | EUR 18.00 | EUR 17.00 |
| Fortum FORTUM.HE | Sell | - | EUR 15.70 | EUR 14.80 |
| Iberdrola IBE.MC | Hold | - | EUR 18.00 | EUR 14.50 |
| National Grid PLC NG.L | Buy | - | 1250p | 1150p |
| Orsted ORSTED.CO | Hold | - | DKK 130 | DKK 120 |
| Pennon Group PNN.L | Buy | - | 600p | 580p |
| Redeia REDE.MC | Sell | - | EUR 13.80 | EUR 14.00 |
| RWE RWEG.DE | Buy | - | EUR 55.00 | EUR 50.00 |
| Snam SRG.MI | Buy | - | EUR 7.00 | EUR 6.50 |
| SSE SSE.L | Buy | - | 2500p | 2350p |
| Severn Trent SVT.L | Hold | - | 2950p | 3000p |
| Terna S.p.A. TRN.MI | Buy | - | EUR 10 | EUR 9.60 |
| Verbund VERB.VI | Sell | - | EUR 58 | EUR 60 |
| Veolia Environnement VIE.PA | Buy | - | EUR 33 | EUR 32 |
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