Verbund AG Class A

VER: XWBO (AUT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Verbund Earnings: Extension of Power Price Cap and Grid Weigh on 2025 Guidance

Tancrede Fulop

Mar 20, 2025

We confirm our EUR 62 fair value estimate after wide-moat Verbund released 2024 results above guidance, our expectations, and FactSet consensus and set 2025 guidance below our expectations but in line with consensus. The firm will pay a EUR 2.8 dividend on 2024 earnings, implying a payout ratio of 49%, in line with its policy and 33% below 2023. Shares appear overvalued.

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Verbund AG Class A

Verbund Earnings: Extension of Power Price Cap and Grid Weigh on 2025 Guidance

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