RWE slides as unchanged FY outlook weighs on shares
** Shares in RWE RWEG.DE slide 1.3% after the Germany's largest power producer confirmed its FY guidance, even as it posted better-than-expected H1 results
** "We believe the market may be disappointed that the outlook for 2024 was not increased from the "lower end" to the mid-point of the respective adj. EBITDA and net income range," J.P. Morgan says
** It expects key questions for the company to be around assumptions for FY guidance and any commentary around how conservative it is
** "Guidance now looks more conservative after better-than-expected H1 report," a local trader says
** RWE still expects FY adjusted EBITDA to reach the lower end of a 5.2 billion to 5.8 billion euros range
** Its H1 adjusted EBITDA came in at 2.9 billion euros ($3.19 billion), compared to 4.1 billion a year earlier
** The stock, has lost 22.5% YTD, is among the worst performers of Germany's blue-chip index .GDAXI, which is up 0.4%
($1 = 0.9090 euros)
Reporting by Ozan Ergenay
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