Societe Generale keeps "buy" rating on Enel Green Power
(SeeNews) – Sep 16, 2011 – Societe Generale today confirmed the "buy" rating with a price target of EUR 2 on Enel Green Power (BIT:EGPW), part of Enel SpA (BIT:ENEL).
Yesterday Enel Green Power said it expected an extra burden of EUR 25 million (USD 34m) a year in the 2011-2013 period due to the so-called Robin Hood tax -- an extra levy imposed on banks, insurers and energy companies in Italy.
The amount is seen to fall to EUR 2 million as of 2014. This is expected to translate into a drop in earnings per share (EPS) by 5% in 2011-2013 and by 0.3% as of 2014.
Enel Green Power was gaining 3.26% to EUR 1.744 at 1428 CET on the Milan Stock Exchange on Friday.