Contents
3 Sector overview
4 The potential beneficiaries
4 The current legislation
4 Four companies are present
5 The stock market impact
5 Why factor in only 50% of the potential gains?
6 What is impact on the credit side?
8 What issues surround the extension to the operating lifespans of the nuclear reactors?
8 An economic and technological argument
8 An energy sovereignty argument
9 An environmental argument
11 Extension to the operating lifespans of Germany’s nuclear power plants
11 The polls
12 The political parties
13 The nuclear reactor network
14 23% of Germany’s electricity is generated by nuclear
15 Investment summary
15 Main themes
15 Equity ratings
20 Credit ratings
22 Valuation
22 Main valuation method
24 Next events
24 Upcoming publications
25 Consensus recommendations
25 Momentum
26 Peer comparison
28 Performance and valuation
28 Two major changes anticipated in the sector
29 Leading indicators for the sector
29 Electricity
Company profiles
32 EDF Equity profile
34 ENBW Equity profile
36 ENBW Credit profile
38 E.ON Equity profile
40 E.ON Credit profile
42 EVN Equity profile
44 RWE Equity profile
46 RWE Credit profile
48 VATTENFAL Credit profile