Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Berenberg lowers target price on Energean following FY25 update
(Sharecast News) - Analysts at Berenberg lowered their target price on Energean from 850p to 780p as it updated its model for the company's FY25 trading update, Berenberg said Energean's update highlighted "a solid 2025" in terms of operational performance, with production at the top end of the recent guidance range.
However, Berenberg noted that guidance for 2026 was lower than consensus in terms of production, and higher than consensus in terms of capex and net debt.
In addition, Berenberg highlighted that Energean noted operational challenges at its important Cassiopea gas field in Italy - leading to a reserves downgrade, impairment and arbitration with the operator.
"On our updated forecasts, Energean trades on 2027 EV/EBITDA of 5.1x and EV/DACF of 4.0x," said the German bank, which has a 'hold' rating on the stock.
"We reduce our 2026 production forecast by 16%, contributing to a 19% and 22% reduction in our 2026 revenue and EBITDA forecasts respectively. Our 2026 year-end net debt forecast has increased by 13% to $3,278m, the upper end of guidance. Baked into net debt guidance is an expectation of improved recovery of receivables in Egypt; we think it prudent to take a cautious view of this given the country's track record on receivables in recent years."
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
