BUZZ-HSBC prefers EU electricity networks, integrated utilities; sees risks for renewables

Reuters12-10

** For 2025, HSBC prefers electricity networks and integrated utilities, as it sees higher risks for renewables, generators and gas utilities

** HSBC believes that investors would prefer shareholder returns over M&A risk for generators and lower growth integrateds, while renewables need asset rotation to manage balance sheets

** As further risks for renewables, it also points to the prospective U.S. energy policy and weaker recovery of electricity demand growth in Europe vs U.S.

** It says electricity networks are attractive with tripling investments, while gas networks face gas-to-hydrogen transition risk

** HSBC likes electric integrateds on network growth and competitive advantages vs renewables, expecting compounding growth at 9-11% total shareholder return

COMPANY NEW RATING OLD RATING NEW PT OLD PT

EDP HOLD BUY EUR 3.8 EUR 4.4

EDPR HOLD BUY EUR 11.7 EUR 13.0

Snam HOLD BUY EUR 4.9 EUR 5.2

E.ON BUY BUY EUR 14.8 EUR 14.8

National BUY BUY GBPp 1180.0 GBPp 1180.0

Grid

Terna BUY BUY EUR 9.1 EUR 9.0

SSE BUY BUY GBPp 2150.0 GBPp 2150.0

Iberdrola BUY BUY EUR 15.9 EUR 15.9

Endesa BUY BUY EUR 24.6 EUR 24.6

Enel BUY BUY EUR 7.9 EUR 7.9

Veolia BUY BUY EUR 37.0 EUR 38.0

Engie HOLD HOLD EUR 17.3 EUR 17.3

RWE BUY BUY EUR 38.0 EUR 39.0

Ecoener BUY BUY EUR 5.5 EUR 5.5

Orsted HOLD HOLD DKK 420.0 DKK 440.0

Acciona HOLD HOLD EUR 22.5 EUR 22.5

Energia

Centrica HOLD HOLD GBPp 140.0 GBPp 130.0

Drax HOLD HOLD GBPp 620.0 GBPp 620.0

(Reporting by Joao Manuel Mauricio)

((JoaoManuel.VicenteMauricio@thomsonreuters.com))

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** HSBC likes electric integrateds on network growth and competitive advantages vs renewables, expecting compounding growth at 9-11% total shareholder return        COMPANY      NEW RATING  OLD RATING   NEW PT       OLD PTEDP          HOLD        BUY          EUR 3.8      EUR 4.4EDPR         HOLD        BUY          EUR 11.7     EUR 13.0Snam         HOLD        BUY          EUR 4.9      EUR 5.2E.ON         BUY         BUY          EUR 14.8     EUR 14.8National     BUY         BUY          GBPp 1180.0  GBPp 1180.0Grid                                               Terna        BUY         BUY          EUR 9.1      EUR 9.0SSE          BUY         BUY          GBPp 2150.0  GBPp 2150.0Iberdrola    BUY         BUY          EUR 15.9     EUR 15.9Endesa       BUY         BUY          EUR 24.6     EUR 24.6Enel         BUY         BUY          EUR 7.9      EUR 7.9Veolia       BUY         BUY          EUR 37.0     EUR 38.0Engie        HOLD        HOLD         EUR 17.3     EUR 17.3RWE          BUY  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