Buy Or Sell Opportunity • 22h
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to €30.60. The fair value is estimated to be €38.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 69%. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to €30.40. The fair value is estimated to be €38.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 69%. Buy Or Sell Opportunity • Mar 23
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €30.60. The fair value is estimated to be €38.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 69%. Upcoming Dividend • Mar 09
Upcoming dividend of €1.30 per share Eligible shareholders must have bought the stock before 16 March 2026. Payment date: 18 March 2026. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (4.0%). New Risk • Feb 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Feb 02
MVV Energie AG, Annual General Meeting, Mar 13, 2026 MVV Energie AG, Annual General Meeting, Mar 13, 2026. Declared Dividend • Feb 02
Dividend increased to €1.30 Dividend of €1.30 is 4.0% higher than last year. Ex-date: 16th March 2026 Payment date: 18th March 2026 Dividend yield will be 4.2%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 5.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jan 31
MVV Energie AG announces Annual dividend, payable on March 18, 2026 MVV Energie AG announced Annual dividend of EUR 1.3000 per share payable on March 18, 2026, ex-date on March 16, 2026 and record date on March 17, 2026. Buy Or Sell Opportunity • Jan 28
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €30.70. The fair value is estimated to be €38.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 09
Now 20% undervalued Over the last 90 days, the stock has risen 2.0% to €31.10. The fair value is estimated to be €38.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 17
Now 21% undervalued Over the last 90 days, the stock has risen 2.3% to €30.60. The fair value is estimated to be €38.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 14
Full year 2025 earnings released: EPS: €1.89 (vs €2.78 in FY 2024) Full year 2025 results: EPS: €1.89 (down from €2.78 in FY 2024). Revenue: €6.21b (down 2.5% from FY 2024). Net income: €124.5m (down 32% from FY 2024). Profit margin: 2.0% (down from 2.9% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Third quarter 2025 earnings released: EPS: €0.36 (vs €0.38 in 3Q 2024) Third quarter 2025 results: EPS: €0.36 (down from €0.38 in 3Q 2024). Revenue: €1.35b (up 3.4% from 3Q 2024). Net income: €23.7m (down 4.4% from 3Q 2024). Profit margin: 1.7% (down from 1.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 15
Second quarter 2025 earnings released: EPS: €0.97 (vs €1.05 in 2Q 2024) Second quarter 2025 results: EPS: €0.97 (down from €1.05 in 2Q 2024). Revenue: €1.61b (down 18% from 2Q 2024). Net income: €64.2m (down 7.5% from 2Q 2024). Profit margin: 4.0% (up from 3.6% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 10
Upcoming dividend of €1.25 per share Eligible shareholders must have bought the stock before 17 March 2025. Payment date: 19 March 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (5.7%). Reported Earnings • Feb 14
First quarter 2025 earnings released: EPS: €0.52 (vs €0.88 in 1Q 2024) First quarter 2025 results: EPS: €0.52 (down from €0.88 in 1Q 2024). Revenue: €2.06b (up 6.7% from 1Q 2024). Net income: €34.6m (down 41% from 1Q 2024). Profit margin: 1.7% (down from 3.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 13
MVV Energie AG Appoints Gabriël Clemens as CEO, Effective April 1, 2025 Dr. Gabriël Clemens will leave E.ON Energy Projects GmbH to take up the position as CEO of MVV Energie AG, Mannheim, from April 1, 2025. Announcement • Feb 04
MVV Energie AG, Annual General Meeting, Mar 14, 2025 MVV Energie AG, Annual General Meeting, Mar 14, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Dec 15
Dividend of €1.25 announced Shareholders will receive a dividend of €1.25. Ex-date: 17th March 2025 Payment date: 19th March 2025 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 3.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 13
Full year 2024 earnings released: EPS: €2.78 (vs €15.86 in FY 2023) Full year 2024 results: EPS: €2.78 (down from €15.86 in FY 2023). Revenue: €7.30b (up 9.0% from FY 2023). Net income: €183.0m (down 83% from FY 2023). Profit margin: 2.5% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Third quarter 2024 earnings released: EPS: €0.38 (vs €1.71 in 3Q 2023) Third quarter 2024 results: EPS: €0.38 (down from €1.71 in 3Q 2023). Revenue: €1.29b (down 3.6% from 3Q 2023). Net income: €24.8m (down 78% from 3Q 2023). Profit margin: 1.9% (down from 8.4% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 16
Second quarter 2024 earnings released: EPS: €1.05 (vs €2.35 in 2Q 2023) Second quarter 2024 results: EPS: €1.05 (down from €2.35 in 2Q 2023). Revenue: €2.22b (up 8.5% from 2Q 2023). Net income: €69.4m (down 55% from 2Q 2023). Profit margin: 3.1% (down from 7.5% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 04
Upcoming dividend of €1.45 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 13 March 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.8%). New Risk • Feb 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Reported Earnings • Feb 16
First quarter 2024 earnings released: EPS: €0.88 (vs €11.65 in 1Q 2023) First quarter 2024 results: EPS: €0.88 (down from €11.65 in 1Q 2023). Revenue: €2.36b (up 30% from 1Q 2023). Net income: €58.2m (down 92% from 1Q 2023). Profit margin: 2.5% (down from 42% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 15
Full year 2023 earnings released: EPS: €15.86 (vs €4.43 loss in FY 2022) Full year 2023 results: EPS: €15.86 (up from €4.43 loss in FY 2022). Revenue: €11.5b (up 93% from FY 2022). Net income: €1.05b (up €1.34b from FY 2022). Profit margin: 9.1% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Dec 14
MVV Energie AG Proposes Regular Dividend MVV Energie AG proposed to the 2024 Annual General Meeting that the regular dividend should be increased by EUR 0.10 to EUR 1.15 per share. Reported Earnings • Aug 13
Third quarter 2023 earnings released: EPS: €1.71 (vs €1.15 loss in 3Q 2022) Third quarter 2023 results: EPS: €1.71 (up from €1.15 loss in 3Q 2022). Revenue: €1.68b (up 31% from 3Q 2022). Net income: €112.6m (up €188.5m from 3Q 2022). Profit margin: 6.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
Second quarter 2023 earnings released: EPS: €2.35 (vs €0.70 in 2Q 2022) Second quarter 2023 results: EPS: €2.35 (up from €0.70 in 2Q 2022). Revenue: €2.98b (up 5.4% from 2Q 2022). Net income: €154.6m (up 233% from 2Q 2022). Profit margin: 5.2% (up from 1.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 06
Upcoming dividend of €1.05 per share at 3.2% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Reported Earnings • Feb 15
First quarter 2023 earnings released: EPS: €11.67 (vs €1.55 loss in 1Q 2022) First quarter 2023 results: EPS: €11.67 (up from €1.55 loss in 1Q 2022). Revenue: €5.09b (up €4.78b from 1Q 2022). Net income: €769.2m (up €870.6m from 1Q 2022). Profit margin: 15% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Dec 16
Full year 2022 earnings released: €4.43 loss per share (vs €3.02 profit in FY 2021) Full year 2022 results: €4.43 loss per share (down from €3.02 profit in FY 2021). Revenue: €10.7b (up 150% from FY 2021). Net loss: €292.1m (down 247% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Oct 18
MVV Energie AG Mannheim Namen-AKT to Be Deleted from OTC Equity MVV Energie AG Mannheim Namen-AKT (Germany) will be deleted from OTC Equity effective from October 18, 2022, due to Inactive Security. Announcement • Aug 20
Cube Infrastructure Fund III, managed by Cube Infrastructure Managers S.A., signed an agreement to acquire MVV Energie CZ a.s. from MVV Energie AG (XTRA:MVV1). Cube Infrastructure Fund III, managed by Cube Infrastructure Managers S.A., signed an agreement to acquire MVV Energie CZ a.s. from MVV Energie AG (XTRA:MVV1) on August 18, 2022. In 2021, MVV Energie CZ generated €78 million of revenues. The closing of the transaction remains subject to customary closing conditions including the consent of MVV Energie’s Supervisory Board and is expected to be completed in Q4 2022. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €28.00, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 10x in the Integrated Utilities industry in Europe. Total returns to shareholders of 22% over the past three years. Reported Earnings • May 15
Second quarter 2022 earnings released: EPS: €0.70 (vs €0.96 in 2Q 2021) Second quarter 2022 results: EPS: €0.70 (down from €0.96 in 2Q 2021). Revenue: €2.82b (up 155% from 2Q 2021). Net income: €46.4m (down 27% from 2Q 2021). Profit margin: 1.6% (down from 5.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 16 March 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.5%). In line with average of industry peers (3.4%). Reported Earnings • Feb 15
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: €1.54 loss per share (down from €0.68 profit in 1Q 2021). Revenue: €2.48b (up 134% from 1Q 2021). Net loss: €101.4m (down 325% from profit in 1Q 2021). Revenue was in line with analyst estimates. 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 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €3.02 (up from €1.43 in FY 2020). Revenue: €5.59b (up 62% from FY 2020). Net income: €198.8m (up 112% from FY 2020). Profit margin: 3.6% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Dec 15
MVV Energie AG (XTRA:MVV1) acquired Avantag Energy S.a r.l and Philipp Rass Energy GmbH. MVV Energie AG (XTRA:MVV1) acquired Avantag Energy S.a r.l and Philipp Rass Energy GmbH on December 14, 2021. The businesses reported revenue of €16 million in 2020.
MVV Energie AG (XTRA:MVV1) completed the acquisition of Avantag Energy S.a r.l and Philipp Rass Energy GmbH on December 14, 2021. Reported Earnings • Aug 14
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €1.32b (up 94% from 3Q 2020). Net income: €49.7m (up €55.7m from 3Q 2020). Profit margin: 3.8% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
MVV Energie AG Provides Earnings Guidance for the Full Year 2021 MVV Energie AG provided earnings guidance for the full year 2021. The company expects full-year operating earnings growth on a scale of 20% - 25% for the 2021 financial year. Reported Earnings • May 16
Second quarter 2021 earnings released: EPS €0.96 (vs €0.96 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: €1.18b (up 16% from 2Q 2020). Net income: €63.2m (flat on 2Q 2020). Profit margin: 5.4% (down from 6.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Mar 08
Upcoming Dividend of €0.95 Per Share Will be paid on the 17th of March to those who are registered shareholders by the 15th of March. The trailing yield of 3.4% is in the top quartile of German dividend payers (3.4%), and it is in line with industry peers (3.7%). Is New 90 Day High Low • Mar 01
New 90-day high: €28.00 The company is up 11% from its price of €25.20 on 01 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is down 6.0% over the same period. Reported Earnings • Feb 18
First quarter 2021 earnings released: EPS €0.68 (vs €0.40 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €979.3m (up 2.8% from 1Q 2020). Net income: €45.1m (up 74% from 1Q 2020). Profit margin: 4.6% (up from 2.7% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 16
MVV Energie AG to Report Q3, 2021 Results on Aug 13, 2021 MVV Energie AG announced that they will report Q3, 2021 results on Aug 13, 2021 Is New 90 Day High Low • Feb 05
New 90-day high: €27.40 The company is up 8.0% from its price of €25.40 on 06 November 2020. The German market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Integrated Utilities industry, which is flat over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: €26.20 The company is up 1.0% from its price of €26.00 on 20 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Integrated Utilities industry, which is flat over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: €25.00 The company is down 4.0% from its price of €26.00 on 24 September 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is down 1.0% over the same period. Reported Earnings • Dec 12
Full year 2020 earnings released: EPS €1.43 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €3.45b (down 8.1% from FY 2019). Net income: €93.9m (up 104% from FY 2019). Profit margin: 2.7% (up from 1.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 04
New 90-day low: €25.20 The company is down 6.0% from its price of €26.80 on 05 August 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: €25.80 The company is down 4.0% from its price of €27.00 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is up 2.0% over the same period. Announcement • Sep 22
MVV Energie AG and Windwaerts and Juwi Launch Solution for Post-EEG Wind MVV Energie AG and Windwaerts and Juwi announced the launch of a bundled solution for wind farm operators in Germany. MVV 20 plus" covers all from interface management to the operational management contract and electricity marketing, to system maintenance and insurance. VSB Technik, a specialist in the maintenance of Enercon turbines, is also a partner. By bundling their Post-EEG wind marketing solutions, the companies are targeting plant operators for whom the world of direct marketers is simply too confusing. Announcement • Sep 13
MVV Energie AG to Report Q1, 2021 Results on Feb 21, 2021 MVV Energie AG announced that they will report Q1, 2021 results on Feb 21, 2021 Announcement • Jul 07
FS DE Energy GmbH completed the acquisition of 45.1% stake in MVV Energie AG (XTRA:MVV1) from EnBW Energie Baden-Württemberg AG (XTRA:EBK) and RheinEnergie AG. FS DE Energy GmbH reached an agreement in principle to acquire 45.1% stake in MVV Energie AG (XTRA:MVV1) from EnBW Energie Baden-Württemberg AG (XTRA:EBK) and RheinEnergie AG for approximately €750 million on March 25, 2020. EnBW Energie Baden-Württemberg AG and RheinEnergie AG respectively owns 28.8% and 16.3% stake in MVV Energie. In a related transaction, FS DE Energy launched a take over bid for the remaining 54.9% stake in MVV Energie. The signing of the deal is subject to required board, council and regulatory approvals. On July 6, 2020, It has received all the needed approvals.
Matthias Hentzen, Carl-Philipp Eberlein, Christian Strothotte of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal adviser for MVV Energie AG. Perella Weinberg Partners LP acted as financial advisor for EnBW Energie Baden-Württemberg AG and RheinEnergie AG. Florian Harder, Dirk Horcher, Marc Trinkaus, Matthew Devey, Christoph Barth, Mark Nuttall, Christopher Bremme of Linklaters acted as legal adviser for FS DE Energy GmbH. Florian Ropohl of Ernst & Young Global Limited acted as accountant for FS DE Energy GmbH. Hans Günter Wolf, Christiane Stäcker, Tim Wilkowski of B. Metzler GmbH acted as financial advisor to FS DE Energy GmbH.
FS DE Energy GmbH completed the acquisition of 45.1% stake in MVV Energie AG (XTRA:MVV1) from EnBW Energie Baden-Württemberg AG (XTRA:EBK) and RheinEnergie AG on July 6, 2020. 
