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sd-10-EFTA01385529Dept. of Justice

EFTA Document EFTA01385529

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> Energy, Materials & Industrials RWE - Martin Brouqh, BUY, close €17.5, €25 tgt, 43% upside • RWE is cheap. It trades on just 3.5x 2019E EBITDA after stripping out the market value of its innogy stake, after an excessive sell-off over German coal phase-out fears. • We see sources of upside potential to our target: - Securing compensation for the closed 3GW of capacity at the same rate as the 2015 deal would add €3/share to our tgt. We have assumed no compensation and 3GW of lignite clos

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Dept. of Justice
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sd-10-EFTA01385529
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