Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €52.60, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Renewable Energy industry in Europe. Total loss to shareholders of 35% over the past three years. Upcoming Dividend • May 14
Upcoming dividend of €0.72 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 25 May 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Austrian dividend payers (4.2%). Lower than average of industry peers (2.4%). New Risk • May 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 38% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.5% average weekly change). Earnings are forecast to decline by an average of 38% per year for the foreseeable future. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: €0.80 (vs €0.20 in 1Q 2025) First quarter 2026 results: EPS: €0.80 (up from €0.20 in 1Q 2025). Revenue: €27.8b (up 31% from 1Q 2025). Net income: €335.0m (up 294% from 1Q 2025). Profit margin: 1.2% (up from 0.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 5.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 10
Uniper SE announces Annual dividend, payable on May 25, 2026 Uniper SE announced Annual dividend of EUR 0.7200 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026. Aankondiging • Apr 09
Uniper SE, Annual General Meeting, May 20, 2026 Uniper SE, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €42.30, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 16x in the Renewable Energy industry in Europe. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: €3.35 (vs €0.71 in FY 2024) Full year 2025 results: EPS: €3.35 (up from €0.71 in FY 2024). Revenue: €72.8b (up 4.4% from FY 2024). Net income: €1.40b (up 370% from FY 2024). Profit margin: 1.9% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Dec 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (4.6% average weekly change). Aankondiging • Dec 02
ResInvest Group completed the acquisition of Datteln 4 coal-fired power plant from Uniper SE (XTRA:UN0). ResInvest Group agreed to acquire Datteln 4 coal-fired power plant from Uniper SE (XTRA:UN0) on September 18, 2025. The transaction is subject to approval by regulatory board / committee.
Stefan Bruder, Matthias Annweiler, Sina Schwirz, Sascha Arnold, Liane Muschter, Christopher Jeschor, Andreas Mauroschat, Lukas Müller, Tino Duttine, Miriam Staatz, Maria Held, Alexander Duisberg and Karsten Raupach of Ashurst LLP acted as legal advisor for ResInvest Group.
ResInvest Group completed the acquisition of Datteln 4 coal-fired power plant from Uniper SE (XTRA:UN0) on December 1, 2025. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: €0.72 (vs €0.19 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.72 (up from €0.19 loss in 3Q 2024). Revenue: €14.1b (down 15% from 3Q 2024). Net income: €299.0m (up €379.0m from 3Q 2024). Profit margin: 2.1% (up from net loss in 3Q 2024). Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 164% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Aankondiging • Sep 10
Uniper SE to Report Fiscal Year 2025 Results on Mar 04, 2026 Uniper SE announced that they will report fiscal year 2025 results on Mar 04, 2026 Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: €0.42 (vs €1.01 in 2Q 2024) Second quarter 2025 results: EPS: €0.42 (down from €1.01 in 2Q 2024). Revenue: €12.5b (down 9.0% from 2Q 2024). Net income: €177.0m (down 58% from 2Q 2024). Profit margin: 1.4% (down from 3.0% in 2Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: €0.20 (vs €1.11 in 1Q 2024) First quarter 2025 results: EPS: €0.20 (down from €1.11 in 1Q 2024). Revenue: €27.1b (up 51% from 1Q 2024). Net income: €85.0m (down 82% from 1Q 2024). Profit margin: 0.3% (down from 2.6% in 1Q 2024). Revenue is forecast to decline by 20% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Aankondiging • Mar 21
Uniper SE, Annual General Meeting, May 08, 2025 Uniper SE, Annual General Meeting, May 08, 2025, at 10:00 W. Europe Standard Time. New Risk • Mar 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: €0.71 (vs €15.15 in FY 2023) Full year 2024 results: EPS: €0.71 (down from €15.15 in FY 2023). Revenue: €98.0b (down 9.3% from FY 2023). Net income: €297.0m (down 95% from FY 2023). Profit margin: 0.3% (down from 5.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Aankondiging • Jan 21
Energetický Reportedly Eyes on Germany's Uniper Energetický a prumyslový holding, a.s. (EPH), controlled by billionaire Daniel Kretinsky, has expressed interest in purchasing German power supplier Uniper SE (ETR:UN01), Reuters reported on Monday. The German company has also attracted as potential buyers US fund fund Brookfield, Norway's Equinor and Abu Dhabi's TAQA, the news agency said, citing unnamed sources. The German government, which holds 99.12% of Uniper, is assessing all options to lower its stake, a spokesperson from the finance ministry told Reuters. Uniper was bailed out by the German state in 2022. The energy firm, which was active mainly in gas distribution at that time, went into dire straits because of the discontinued deliveries of Russian gas to Europe in the context of the Russian-Ukrainian military conflict. Uniper's nationalisation was part of a package of measures, worth up to EUR 34.5 billion (USD 35.6 billion), aimed at recapitalising the company. The European Commission approved the package on condition that Germany should reduce its shareholding to 25% or less by the end of 2028. Reported Earnings • Nov 05
Third quarter 2024 earnings released: €0.19 loss per share (vs €0.78 profit in 3Q 2023) Third quarter 2024 results: €0.19 loss per share (down from €0.78 profit in 3Q 2023). Revenue: €22.2b (up 6.4% from 3Q 2023). Net loss: €80.0m (down 124% from profit in 3Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Aankondiging • Aug 10
Uniper SE to Report Fiscal Year 2024 Results on Feb 26, 2025 Uniper SE announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €1.00 (vs €6.46 in 2Q 2023) Second quarter 2024 results: EPS: €1.00 (down from €6.46 in 2Q 2023). Revenue: €21.4b (up 5.5% from 2Q 2023). Net income: €418.0m (down 85% from 2Q 2023). Profit margin: 2.0% (down from 13% in 2Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Reported Earnings • May 07
First quarter 2024 earnings released First quarter 2024 results: EPS: €1.11. Revenue: €30.2b (down 12% from 1Q 2023). Net income: €462.0m (down 93% from 1Q 2023). Profit margin: 1.5% (down from 20% in 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Renewable Energy industry in Europe. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €15.15 (vs €493 loss in FY 2022) Full year 2023 results: EPS: €15.15 (up from €493 loss in FY 2022). Revenue: €194.6b (down 29% from FY 2022). Net income: €6.31b (up €20.5b from FY 2022). Profit margin: 3.2% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Aankondiging • Jan 24
Uniper SE ADR - Unsponsored to be Deleted from OTC Equity Uniper SE American Depositary Receipts - Unsponsored (Germany) will be deleted from OTC Equity effective January 23, 2024, due to ADR /GDR Program Terminated. Aankondiging • Jan 09
Uniper SE ADR - Unsponsored to Be Deleted from OTC Equity Uniper SE American Depositary Receipts - Unsponsored (Germany) will be deleted from OTC Equity effective January 09, 2024, due to ADR /GDR Program Terminated. Aankondiging • Nov 13
Uniper SE to Report Q1, 2024 Results on May 07, 2024 Uniper SE announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: €0.039 (vs €76.41 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.039 (up from €76.41 loss in 3Q 2022). Revenue: €37.5b (down 60% from 3Q 2022). Net income: €338.0m (up €28.3b from 3Q 2022). Profit margin: 0.9% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year whereas the company’s share price has fallen by 45% per year. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €3.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Renewable Energy industry in Europe. Total loss to shareholders of 84% over the past three years. Aankondiging • Oct 11
Uniper Reportedly Readies Sale of District Heating Business German energy company Uniper SE (XTRA:UN01) has initiated preparations for the sale of its district heating business in a deal which could value the unit at between EUR 300 million (USD 315.9 million) and EUR 400 million, local paper Handelsblatt reported on October 9, 2023. Uniper has engaged investment bank Rothschild & Co to organise an auction, the paper said, citing people familiar with the matter. Aankondiging • Aug 03
Uniper SE to Report Fiscal Year 2023 Final Results on Feb 28, 2024 Uniper SE announced that they will report fiscal year 2023 final results on Feb 28, 2024 Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €0.32 (vs €25.26 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.32 (up from €25.26 loss in 2Q 2022). Revenue: €31.6b (down 38% from 2Q 2022). Net income: €2.69b (up €11.9b from 2Q 2022). Profit margin: 8.5% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 02
Montfort Group and The Private Office - Dubai completed the acquisition of Uniper Energy DMCC from Uniper SE (XTRA:UN01). Montfort Group and The Private Office - Dubai entered into an agreement to acquire Uniper Energy DMCC from Uniper SE (XTRA:UN01) in January, 2023. Uniper Energy DMCC has a trading office based in Dubai, including a team of around 25 people. Transaction is expected to be completed in the first half of 2023, subject to satisfaction of certain conditions precedent. As of February 24, 2023. Osama Audi of Baker & McKenzie LLP acted as legal advisor to Montfort Group.
Montfort Group and The Private Office - Dubai completed the acquisition of Uniper Energy DMCC from Uniper SE (XTRA:UN01) on May 31, 2023. Uniper has completed the sale following the fulfillment of conditions precedent and the receipt of regulatory approvals. Reported Earnings • May 08
First quarter 2023 earnings released First quarter 2023 results: Revenue: €34.2b (down 50% from 1Q 2022). Net income: €6.73b (up €9.26b from 1Q 2022). Profit margin: 20% (up from net loss in 1Q 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 22
Full year 2022 earnings released: €24.65 loss per share (vs €11.29 loss in FY 2021) Full year 2022 results: €24.65 loss per share (further deteriorated from €11.29 loss in FY 2021). Revenue: €274.2b (up 68% from FY 2021). Net loss: €14.2b (loss widened 242% from FY 2021). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 7.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 17
Montfort Group and The Private Office - Dubai entered into an agreement to acquire Uniper Energy DMCC from Uniper SE. Montfort Group and The Private Office - Dubai entered into an agreement to acquire Uniper Energy DMCC from Uniper SE on February 16, 2023. Uniper Energy DMCC has a trading office based in Dubai, including a team of around 25 people. The acquisition is expected to be completed in the coming months, subject to satisfaction of certain conditions precedent. Aankondiging • Feb 14
Uniper Appoints Holger Kreetz as New Chief Operating Officer Uniper appointed Holger Kreetz, previously head of Uniper's Asset Management division, will become the new Chief Operating Officer (COO) and a member of Uniper's Management Board. This was decided by the Uniper Supervisory Board at its meeting today. David Bryson, whose departure Uniper announced at the beginning of the year, will step down from the Management Board of Uniper on February 28. He took over the COO function in November 2019. Likewise, Kreetz will take over from Bryson as Chief Sustainability Officer (CSO). On January 20, Uniper announced Dr. Jutta A. Donges as its new Chief Financial Officer (CFO) and successor to Tiina Tuomela. This means that the Board roles of CFO and COO at Uniper will be filled from March 1, 2023. Holger Kreetz holds a degree in engineering (TU Berlin) and a PhD in engineering from the Australian National University, Canberra. He has worked for Uniper and its predecessor companies since 2001, mainly in power generation management. For example, Kreetz organized E.ON's market entry in Turkey about ten years ago and was subsequently COO of EnerjiSA A.S., a joint venture between E.ON and the Turkish Sabanci Group, for three years. Since the founding of Uniper in 2016, Kreetz has been responsible as COO Asset Management for the Dusseldorf-based company's 27 gigawatt asset portfolio ranging from conventional energy to hydrogen with more than 700 employees. Most recently, Holger Kreetz was project sponsor for the construction of Germany's first LNG terminal in Wilhelmshaven, which opened last December after only ten months of construction on behalf of the German government. Kreetz is 52 years old, married and a father of two daughters. Aankondiging • Jan 22
Uniper SE Announces CFO Changes Uniper has found a new chief financial officer. Jutta Dönges, a financial expert who has been on the supervisory board for the federal government since December, is to move to the executive board where she will be responsible for finance from March 1. She is due to succeed Tiina Tuomela, who announced her departure in December. Until recently, Dönges was managing director of the Federal Finance Agency in Frankfurt, which manages Germany's borrowing. Aankondiging • Dec 29
Uniper SE(XTRA:UN01) dropped from FTSE All-World Index (USD) Uniper SE(XTRA:UN01) dropped from FTSE All-World Index (USD) Buying Opportunity • Dec 26
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be €3.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 45% in 2 years. Earnings is forecast to grow by 99% in the next 2 years. Reported Earnings • Nov 04
Third quarter 2022 earnings released: €76.41 loss per share (vs €13.01 loss in 3Q 2021) Third quarter 2022 results: €76.41 loss per share (further deteriorated from €13.01 loss in 3Q 2021). Revenue: €180.6b (up 387% from 3Q 2021). Net loss: €28.0b (loss widened 487% from 3Q 2021). Revenue is expected to decline by 26% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 5.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Aankondiging • Nov 04
Uniper SE to Report Fiscal Year 2022 Results on Feb 17, 2023 Uniper SE announced that they will report fiscal year 2022 results on Feb 17, 2023 Reported Earnings • Aug 19
Second quarter 2022 earnings released: €25.26 loss per share (vs €2.42 loss in 2Q 2021) Second quarter 2022 results: €25.26 loss per share (down from €2.42 loss in 2Q 2021). Revenue: €50.6b (up 149% from 2Q 2021). Net loss: €9.24b (loss widened €8.36b from 2Q 2021). Over the next year, revenue is expected to shrink by 38% compared to a 2,501% growth forecast for the Renewable Energy industry in Austria. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jul 22
Now 48% undervalued after recent price drop Over the last 90 days, the stock is down 70%. The fair value is estimated to be €14.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Aankondiging • Jul 08
Germany Reportedly Considers Taking Much More Than 30% of Uniper The German government could take a stake of significantly above 30% in Uniper SE (XTRA:UN01) as part of efforts to prop up the Dusseldorf-based gas distributor which is in dire straits due to curbs in Russian gas supply and high prices, business daily Handelsblatt said on July 7, 2022. Earlier this week, the paper reported that Berlin was considering taking up to 25% of the troubled company. However, the federal government is also exploring the option of a bigger interest as the investment-grade rating is of crucial importance for the company's business, Handelsblatt said, citing sources familiar with the matter. The specific details of a potential deal for the rescue of Uniper will also depend on this regulation. Buying Opportunity • Jun 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €21.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • May 12
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 23 May 2022. The company is not currently making a profit and its cash payout ratio is 76%. Trailing yield: 0.3%. Lower than top quartile of Austrian dividend payers (4.5%). Lower than average of industry peers (3.1%). Reported Earnings • May 07
First quarter 2022 earnings released: €8.47 loss per share (vs €2.24 profit in 1Q 2021) First quarter 2022 results: €8.47 loss per share (down from €2.24 profit in 1Q 2021). Revenue: €68.8b (up 225% from 1Q 2021). Net loss: €3.10b (down 478% from profit in 1Q 2021). Over the next year, revenue is expected to shrink by 52% compared to a 3,396% growth forecast for the industry in Austria. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Buying Opportunity • Apr 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 46%. The fair value is estimated to be €29.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: €11.39 loss per share (down from €1.09 profit in FY 2020). Revenue: €164.1b (up 221% from FY 2020). Net loss: €4.17b (down €4.57b from profit in FY 2020). Revenue exceeded analyst estimates by 153%. Over the next year, revenue is expected to shrink by 60% compared to a 43% growth forecast for the industry in Austria. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Buying Opportunity • Feb 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €43.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.2% per annum over the last 3 years. The company became loss making over the last year. Aankondiging • Feb 22
Uniper SE Proposes Dividend Payment for the Financial Year 2021 The Board of Management of Uniper SE (Uniper) resolved to propose to the Annual General Meeting taking place on 18 May 2022 a dividend payment for the financial year 2021 of €0.07 per share (2020: €1.37 per share). Reported Earnings • Nov 10
Third quarter 2021 earnings released: €13.01 loss per share (vs €0.69 loss in 3Q 2020) The company reported a decent third quarter result with improved revenues, although losses increased and control over costs was weaker. Third quarter 2021 results: Revenue: €113.5b (up €102.6b from 3Q 2020). Net loss: €4.76b (loss widened €4.51b from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Aankondiging • Sep 10
Uniper Reportedly Mulling the Sale of Its Unipro Business Uniper SE (XTRA:UN01) is mulling the sale of the traditional generation business of its Russian subsidiary Public Joint-Stock Company Unipro (MISX:UPRO), four sources on the Russian energy market told Interfax. According to the sources, Unipro has recently launched an initiative to divest itself of traditional generation assets and switch to renewable and hydrogen energy. Two of the sources told Interfax that the company was considering selling individual power plants. One of them said that a company of Andrei Melnichenko, among whose assets are JSC SUEK and SUEK Group member Siberian Generating Company LLC, was a potential buyer of Unipro's assets. Public Joint Stock Company Inter RAO UES (MISX:IRAO) was previously mentioned in the context of the potential purchase of Unipro's assets. When asked a relevant question, Inter RAO's management said that it considered any opportunities on the M&A market. Some decisions regarding the future of Unipro's assets could be made as soon as this fall, one of Interfax's sources said. A spokesperson for Uniper declined to comment. A representative of SUEK has yet to respond to Interfax's request. Reported Earnings • Aug 13
Second quarter 2021 earnings released: €4.84 loss per share (vs €0.42 profit in 2Q 2020) The company reported a decent second quarter result with improved revenues, although earnings and control over costs were weaker. Second quarter 2021 results: Revenue: €48.2b (up €41.1b from 2Q 2020). Net loss: €887.0m (down €1.04b from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Aankondiging • May 28
Uniper Reportedly Considers Sale of Power Stations Uniper SE (XTRA:UN01) is reportedly considering the sale of its Russian power stations and has had talks with Russian energy company Public Joint Stock Company Inter RAO UES (MISX:IRAO). However, the two companies have different views on the sales values. Based on the current share price, Uniper's 83.7% stake in Unipro is worth RUB 151 billion (EUR 1.68 billion USD 2.05 billion). Uniper is also said to have had discussions with other power companies. Uniper's Russian subsidiary Unipro, operates 11.2GW of lignite, hard coal and gas power plants in Russia and covers around 4% of the country's total energy needs. None of the companies involved would comment. Upcoming Dividend • May 14
Upcoming dividend of €1.37 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 25 May 2021. Trailing yield: 4.4%. Within top quartile of Austrian dividend payers (3.3%). Higher than average of industry peers (2.5%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS €2.24 (vs €1.33 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €28.0b (up 117% from 1Q 2020). Net income: €820.0m (up 68% from 1Q 2020). Profit margin: 2.9% (down from 3.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 01
CFO & Member of Management Board has left the company On the 29th of March, Sascha Bibert's tenure as CFO & Member of Management Board ended after 1.8 years in the role. We don't have any record of a personal shareholding under Sascha's name. A total of 8 executives have left over the last 12 months. Executive Departure • Apr 01
CEO & Chairman of Management Board Andreas Schierenbeck has left the company On the 29th of March, Andreas Schierenbeck, was replaced as CEO by Klaus-Dieter Maubach after 1.8 years in the role. We don't have any record of a personal shareholding under Andreas' name. A total of 8 executives have left over the last 12 months. Under Andreas' leadership, the company delivered a total shareholder return of 20%. Is New 90 Day High Low • Mar 12
New 90-day high: €31.22 The company is up 12% from its price of €27.82 on 11 December 2020. The Austrian market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.98 per share. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS €1.09 (vs €1.67 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €51.1b (down 23% from FY 2019). Net income: €397.0m (down 35% from FY 2019). Profit margin: 0.8% (down from 0.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue misses expectations Revenue missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 27%, compared to a 50% growth forecast for the Renewable Energy industry in Austria. Aankondiging • Jan 16
Uniper Keen on Bidding in Russian Wind Power Auction Uniper SE (XTRA:UN01) announced to take part in the upcoming wind power auctions in Russia, according to its Chief Executive Andreas Schierenbeck. The CEO shared this with Reuters after commenting on rumours about a possible sale of the Russian business. Schierenbeck has said that, while not currently holding any discussions on the matter, Uniper could entertain the idea of divesting local assets. In Russia, Uniper operates through Unipro in which it holds an 83.7% stake. According to Schierenbeck, the German company is considering establishing a Russian partnership with its own majority shareholder -- Fortum Oyj (HEL:FORTUM) of Finland. Is New 90 Day High Low • Jan 04
New 90-day high: €28.88 The company is up 3.0% from its price of €28.16 on 06 October 2020. The Austrian market is up 27% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.81 per share. Is New 90 Day High Low • Dec 18
New 90-day high: €28.64 The company is up 6.0% from its price of €26.90 on 18 September 2020. The Austrian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.32 per share. Is New 90 Day High Low • Nov 20
New 90-day high: €28.44 The company is up 2.0% from its price of €27.78 on 21 August 2020. The Austrian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.82 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue misses expectations Revenue missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 1.6%, compared to a 57% growth forecast for the Renewable Energy industry in Austria. Reported Earnings • Nov 11
Third quarter 2020 earnings released: €0.69 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: €16.5b (up 2.7% from 3Q 2019). Net loss: €254.0m (down 402% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 10
Uniper SE to Report Nine Months, 2021 Results on Nov 05, 2021 Uniper SE announced that they will report nine months, 2021 results on Nov 05, 2021 Is New 90 Day High Low • Oct 29
New 90-day low: €25.62 The company is down 12% from its price of €29.24 on 30 July 2020. The Austrian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.05 per share. Aankondiging • Jul 30
Fortum Oyj (HLSE:FORTUM) completed the acquisition of an additional unknown minority stake in Uniper SE (XTRA:UN01) from Elliott Management Corporation and its affiliates and Knight Vinke Energy Advisors Limited and its affiliates. Fortum Oyj (HLSE:FORTUM) entered into agreement to acquire an additional 21% stake in Uniper SE (XTRA:UN01) from Elliott Management Corporation and its affiliates and Knight Vinke Energy Advisors Limited and its affiliates for approximately €2.3 billion on October 8, 2019. Under the terms of the agreement, Fortum will pay €29.93 for each share of Uniper. Pursuant to the transaction, Fortum will increase its stake in Uniper to more than 70.5% and Uniper will become a subsidiary of Fortum. As of March 26, 2020, the first tranche of the agreement has been completed and Fortum Oyj owns 69.6% stake in Uniper SE. Following the closing of the first tranche, Fortum will consolidate Uniper as a subsidiary and report Uniper as a separate reporting segment. In second tranche, Fortum will acquire a minimum of 1.0% and a maximum of 3.8% of the shares. Fortum will pay a total consideration of up to €2.6 billion. The transaction will be financed with existing cash resources and committed credit facilities underwritten by Barclays Bank PLC. Fortum intends to be represented on Uniper’s Supervisory Board.
Transaction is subject to regulatory approvals in Russia and the United States of America. Fortum Oyj has made a preparatory filing to the Russian Federal Antimonopoly Service. No further European Commission clearance is required. In 2018, Fortum already received unconditional merger clearance from the European Commission. As of November 14, 2019, Russian government commission approves the deal subject to certain conditions. As of now, Fortum has not received an official decision from FAS. In December 2019, merger clearance decision from United States was received. As of March 2, 2020, the Russian Federal Antimonopoly Service officially approved the transaction. A customary merger control clearance in Russia is still pending for the transaction which is expected in coming weeks. As of March 13, 2020 all regulatory conditions for the transaction has been fulfilled. The deal is expected to complete by the end of the first quarter of 2020. As of March 26, 2020, the second tranche will be closed within two months. Upon completion, Fortum will hold 73.4% stake in Uniper. Morgan Stanley & Co. LLC acted as financial advisor to Uniper SE in the transaction. Joachim Rosengarten, Rainer Krause,Daniela Böning, Nikolaus Vieten and Christian Schmies of Hengeler Mueller acted as legal advisor for Fortum. Carsten Berrar and Konstantin Technau of Sullivan & Cromwell LLP acted as legal advisors to Uniper SE.
Fortum Oyj (HLSE:FORTUM) completed the acquisition of an additional unknown minority stake in Uniper SE (XTRA:UN01) from Elliott Management Corporation and its affiliates and Knight Vinke Energy Advisors Limited and its affiliates on May 8, 2020. Fortum acquired 3.84% stake in second tranche. Fortum shareholding in Uniper have increased to 73.4%. 
