RWE AG Class A

RWE: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€34.00	Rddff	Spxqjlrgpy

RWE Earnings: Great Start to the Year as Preannounced in Late April, Shares Undervalued

Tancrede Fulop

May 11, 2023

We maintain our fair value estimate of EUR 53 per share after no-moat RWE released its final first-quarter results. Shares look materially undervalued. There was no major surprise in this print since preliminary results had been released on April 27. Results were impressive, with EBITDA jumping almost fivefold. Results included divisional earnings and drivers, while the 2023 guidance was conservatively confirmed.

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