Biofuels maker Neste's rating cut by RBC on weak renewable diesel market
** RBC downgrades Finnish biofuels maker Neste's NESTE.HE shares to "sector perform" from "outperform"
** Brokerage warns of increasing competition and uncertainty around potential of sustainable aviation fuel (SAF)
** Neste's operating environment has worsened as a much weaker renewable diesel (RD) market pulls down SAF prices - RBC
** Consumption is still mainly driven by voluntary demand; airlines and fuel suppliers have not ramped up SAF purchases as expected - brokerage
** RBC cuts its RD margin estimates for Neste to $463/t for 2024 and $525/t in 2025 (previously expecting $600/t in 2024 and $575/t in 2025)
** In May, Neste slashed its renewable margin forecast for 2024 to $480-650/ton, citing a decline in diesel prices
** RBC still expects capacity additions starting in 2025-2026, expecting competitors to build inventory ahead of mandates, which would narrow opportunities for Neste to command high prices
** Neste has not ramped up capacity as planned which led investors to question management credibility - brokerage
** RBC cuts PT by 45% to 21 euros; stock down 49% YTD, falling to 16.50 euros
Reporting by Marta Frackowiak
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。