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雷达卡
【出版时间及名称】：2010年欧洲电力行业展望
【作者】：德意志银行
【文件格式】：PDF
【页数】：89
【目录或简介】：
Table of Contents
Investment thesis .............................................................................. 4
Outlook in 2010.........................................................................................................................4
Top picks and least-preferred stocks ........................................................................................5
What if?....................................................................................................................................7
Sector analysis................................................................................. 11
Significant sector underperformance in 2009 YTD..................................................................11
Sector multiples evolution ......................................................................................................14
Sector multiples versus the market ........................................................................................15
Generation sector – power prices remain key focus...............................................................16
Regulated pure plays – improving environment......................................................................18
Some attractive yields.............................................................................................................19
9M results review...................................................................................................................19
Themes – power markets................................................................ 20
Electricity demand ..................................................................................................................20
Coal versus oil.........................................................................................................................25
European gas prices – views from Wood Mackenzie .............................................................27
CO2 prices ..............................................................................................................................30
Strong oil YTD, but everything else weak ...............................................................................31
Power prices..........................................................................................................................32
Spread developments.............................................................................................................33
Sector thematic.......................................................................................................................35
Themes – debt and disposals ......................................................... 38
Debt issuance this year...........................................................................................................38
Sensitivity to interest rates and debt levels ............................................................................40
Disposals ...............................................................................................................................41
Equity issuance / IPOs in 2010................................................................................................43
Themes – regulation........................................................................ 44
Recent regulatory reviews ......................................................................................................45
French electricity tariff reform.................................................................................................46
German nuclear life extensions – details in autumn 2010.......................................................49
Renewables ............................................................................................................................50
UK water ................................................................................................................................53
Key picks and multiples .................................................................. 54
Top picks and least preferred stocks ......................................................................................54
Most preferred stocks ..................................................................... 61
Least preferred stocks..................................................................... 83
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