PDF Report issued on the 17/02/2023

RWE AG Company Profile

Xetra / RWE / DE0007037129

Business Summary Sector

RWE AG is one of the leading European energy groups. Net sales break down by activity as follows:
- electricity and gas trading and distribution (67,4%): electricity (203,101 GWh sold in 2021) and gas (45,721 GWh); Utilities
- energy production (16.1%): electricity (160,773 GWh produced in 2021), lignite and nuclear energy production; Utilities
- gas production (8.7%); Multiline Utilities
- other (7.8%).
Net sales are distributed geographically as follows: Germany (37%), the United Kingdom (33.7%), Europe (24.7%), North Multiline Utilities
America (3.3%) and other (1.3%). Other Multiline Utilities
Number of employees : 18 246 people.
Income Statement Evolution
Financials (EUR)

Sales 2022 28 843 M Sales 2023 36 946 M Capitalization 26 447 M

Net income 2022 2 685 M Net income 2023 2 659 M EV / Sales 2022 1,19x

Net Debt 2022 7 809 M Net Debt 2023 9 161 M EV / Sales 2023 0,96x

P/E ratio 2022 9,93x P/E ratio 2023 10,4x Nbr of Employees 18 382

Yield 2022 2,32% Yield 2023 2,37% Free-Float 92,9%

Sales per Business

2020 2021 Delta

Supply & Trading 9 789.00 70.4% 19 518.00 78.8% +99.39%

Onshore Wind/Solar 1 855.00 13.3% 2 324.00 9.4% +25.28%

Hydro/ Biomass/Gas 1 059.00 7.6% 1 316.00 5.3% +24.27% Managers

Coal / Nuclear 854.00 6.1% 911.00 3.7% +6.67% Name Title

Offshore Wind 332.00 2.4% 688.00 2.8% +107.23% Markus Krebber Chief Executive Officer
Other, Consolidation 7.00 0.1% 4.00 - -42.86% Michael Müller Chief Financial Officer

EUR in Million Thomas Denny Head- Investor Relations

Chief Human Resources Officer &
Zvezdana Seeger
Labour Director
Sales per region

2020 2021 Delta Members of the board

Germany 3 988.00 29.1% 9 081.00 37% +127.71%
Name Title
United Kingdom 3 909.00 28.6% 8 259.00 33.7% +111.28%
Werner Brandt Chairman-Supervisory Board
Rest of Europe 3 958.00 28.9% 6 051.00 24.7% +52.88%
Dagmar Mühlenfeld Member-Supervisory Board
North America 1 146.00 8.4% 810.00 3.3% -29.32% Ullrich Sierau Member-Supervisory Board
Other 687.00 5% 325.00 1.3% - Hans-Peter Keitel Member-Supervisory Board
EUR in Million Deputy Chairman-Supervisory
Ralf Sikorski
Board

Equities
Shareholders
Quantity Free-Float
Name Equities %
Stock A 676,220,048 627,990,563 92.9%
GIC Pte Ltd. (Investment
20,253,912 3.00%
Management)
Upcoming events on RWE AG Amundi Asset Management SA
19,396,447 2.87%
03/21/23 FY 2022 Earnings Release (Investment Management)
03/21/23 FY 2022 Earnings Call Pictet Asset Management SA 17,382,021 2.57%

The Vanguard Group, Inc. 16,901,370 2.50%

Past events on RWE AG
BlackRock Fund Advisors 12,819,887 1.90%
12/05/22 Berenberg European Conference
11/10/22 |
Q3 2022 Earnings Call
07:00am Company contact info / Stock Exchange Codes

Platz 1
DE-45141 Essen
Phone : +49 201 5179-0
Fax : +49 201 5179-5299
web site : https://www.rwe.com/

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

RWE AG Financials and Forecast

Xetra / RWE / DE0007037129

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2022e 2023e

Capitalization 26 447 M € -
Enterprise Value (EV) 34 255 M € 35 608 M €

Valuation 2022e 2023e

P/E ratio (Price / EPS) 9,93x 10,4x

Capitalization / Revenue 0,92x 0,72x
EV / Revenue 1,19x 0,93x
EV / EBITDA 5,99x 5,47x
Yield (DPS / Price) 2,32% 2,37%
Price to book (Price / BVPS) 1,58x 1,44x

Profitability 2022e 2023e

Operating Margin (EBIT / Sales) 14,3% 11,4%

Operating Leverage (Delta EBIT / Delta Sales) 5,04x 0,07x
Net Margin (Net Profit / Revenue) 9,31% 7,20%
ROA (Net Profit / Asset) 1,87% 1,81%
ROE (Net Profit / Equities) 17,8% 16,5%
Annual Income Statement Data : Past and Forecast Rate of Dividend 23,0% 24,7%

Fiscal Period: December 2019 2020 2021 2022 2023 2024

Balance Sheet Analysis 2022e 2023e
1 13 125 13 688 24 526 28 843 36 946 36 677
Net sales CAPEX / Sales 12,4% 13,3%
Cash Flow / CA 14,6% 12,5%
EBITDA 1 2 489 3 235 3 650 5 720 6 261 6 142
Capital Intensity (Assets / Revenue) 4,98x 3,97x
Operating profit (EBIT) 1 1 267 1 771 2 185 4 124 4 200 3 943 Financial Leverage (Net Debt / EBITDA) 1,37x 1,46x

Operating Margin 9,65% 12,9% 8,91% 14,3% 11,4% 10,8%

Price Earning Ratio
Pre-Tax Profit (EBT) 1 -752 1 196 1 522 3 504 3 760 3 452

Net income 1 8 498 995 721 2 685 2 659 2 374

Net margin 64,7% 7,27% 2,94% 9,31% 7,20% 6,47%

EPS 2 13,8 1,56 1,07 3,94 3,75 3,30

Free Cash Flow 1 -3 294 817 3 505 557 -1 818 7,40

FCF margin -25,1% 5,97% 14,3% 1,93% -4,92% 0,02%

FCF Conversion -132% 25,3% 96,0% 9,75% -29,0% 0,12%

Dividend per Share 2 0,80 - 0,90 0,91 0,93 0,96

Announcement Date 03/12/2020 03/16/2021 03/15/2022 - - -

1 2 Estimates
EUR in Million EUR
EPS - Rate of surprise
Finances - Leverage : Past and Forecast

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

RWE AG Analysts' Consensus

Xetra / RWE / DE0007037129

Evolution of the average Target Price Consensus

Sell Buy

Mean consensus BUY

Number of Analysts 17

Last Close Price 39,11 €

Average target price 51,76 €

Spread / Average Target 32,3%

High Price Target 59,00 €

Spread / Highest target 50,9%

Low Price Target 45,00 €

Spread / Lowest Target 15,1%

Consensus detail

Target Price consensus revisions : last 18 months

Consensus revision (last 18 months)

Revenue Revisions & EPS Revisions

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

RWE AG Sector and Competitors

Xetra / RWE / DE0007037129

Chart Sector

Subsector Other Multiline Utilities Ratings

1st Jan Capi.
Investor Rating ESG
change (M$)

RWE AG -5.96% 28 231 B+

ABU DHABI NATIONAL ENERGY COMPANY -3.79% 101 005 C
SEMPRA ENERGY 2.49% 49 498 A-
ELECTRICITÉ DE FRANCE -1.17% 47 295 B+
NATIONAL GRID PLC 5.12% 46 305 B+
ENGIE -0.10% 34 583 B-
PUBLIC SERVICE ENTERPRISE GROUP, INC. 0.80% 30 820 B+
ACWA POWER COMPANY -3.16% 28 699 -

UNIPER SE 13.60% 26 141 B+

E.ON SE 7.03% 22 901 B+
AMEREN CORPORATION -3.48% 22 192 B-
VEOLIA ENVIRONNEMENT 18.96% 21 394 C
PPL CORPORATION -2.64% 20 948 B
CENTERPOINT ENERGY, INC. -2.87% 18 288 C+
CMS ENERGY CORPORATION -3.73% 17 758 B-
CK INFRASTRUCTURE HOLDINGS LIMITED 4.90% 13 755 C
NISOURCE, INC. -1.53% 10 917 B+
CANADIAN UTILITIES LIMITED -0.96% 7 342 C
CENTRICA PLC 7.96% 7 208 C
MDU RESOURCES GROUP, INC. 2.80% 6 336 C+
ALGONQUIN POWER & UTILITIES CORP. 18.59% 5 322 B+

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 17/02/2023

RWE AG Technical Analysis

Xetra / RWE / DE0007037129

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Neutral Neutral Bearish

Resistance 42,8 43,7 43,1

Spread/Res. -7,6% -9,6% -8,3%

Spread/Supp. 1,2% 7,3% 10%

Support 39,1 36,8 35,8

Basic data

Number of securities 676 220 048

Capitalization EUR 26 446 966 077
Capitalization USD 28 231 023 795
Free-Float 92.9%

Performance

1 day 1.07%

5 days -2.40%

1 week -0.75%

Current month -3.14%

1 month -4.47%

3 months -2.71%

6 months -8.24%

Current year -4.98%

1 year 2.38%

3 years 17.76%

5 years 142.2%

10 years 39.82%

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 17/02/2023

RWE AG Summary
Xetra / RWE / DE0007037129

Summary Ratings
• The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and
visibility. Investment
• Overall, and from a short-term perspective, the company presents an interesting fundamental situation.
Trading
• The company has a good ESG score relative to its sector, according to Refinitiv.
ESG Refinitiv B+
Strengths
Financials
• The company's profit outlook over the next few years is a strong asset.
Sales Growth
• With a P/E ratio at 9.93 for the current year and 10.42 for next year, earnings multiples are highly attractive compared with
competitors. Earnings Growth

• Over the last twelve months, the sales forecast has been frequently revised upwards. EBITDA / Sales
• Over the last 4 months, analysts have significantly revised upwards the company's estimated sales. Profitability
• For the past year, analysts covering the stock have been revising their EPS expectations upwards in a significant manner. Finances
• For the past twelve months, EPS forecast has been revised upwards.
Valuation
• Analysts covering this company mostly recommend stock overweighting or purchase.
P/E ratio
• The average target price set by analysts covering the stock is above current prices and offers a tremendous appreciation
potential. EV / Sales
• The group usually releases upbeat results with huge surprise rates. Price to Book
Price to Free Cash Flow -
Weaknesses
Yield
• Sales estimates for the next fiscal years vary from one analyst to another. This clearly highlights a lack of visibility into the
company's future activity.
Momentum
Turnover review 12m
Turnover review 4m
Turnover review 7 days
Earnings revision 12m
Earnings revision 4m

Consensus
Analyst Opinion
Potential Price Target
Price target revision 4m
4m Revision of opinion
12m Revision of opinion

Business Predictability
Analyst Coverage
Divergence of Estimates
Divergence of analysts' opinions
Divergence of Target Price
Earnings quality

Environment
Emissions
Innovation
Use of resources

Social
Social commitment
Human Rights
Product liability
Human Resources

Governance
CSR Strategy
Management
Shareholders

Controversy
Controversies

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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