GDF Suez: Tractabel Energia EBITDA up 13.8% in Q1-15, helped by favourable base effectBUY-Top Picks, Fair Value EUR23 (+19%)
GDF Suez’s Brazilian subsidiary, Tractabel Energia, posted solid Q1-15 earnings last Friday with EBIT and EBITDA up respectively 17.7% and 13.8% thanks notably to higher output prices per MWh (+15.8% vs. last year, to BRL167.35/MWh). Reservoir levels remain low in the Southern submarket (close to 40% at end March 2015 vs. around 50% at end Dec. 2014 though slightly improved in the Southeast/Central-Western submarket (close to 30% at end March 2015 vs. around 20% at end Dec. 2014) implying hydro power production is set to remain weak, keeping strong pressure on market prices. The outlook for 2015 remains at this stage unchanged, implying flat EBITDA growth over the period.
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