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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (42679)5/16/2011 11:38:22 PM
From: Jurgis Bekepuris  Read Replies (1) of 78650
 
RWEOY - Looking at their Q1/2011 numbers, they got 24% of German electricity from nuclear (they have zero nuclear in other countries). Since German electricity sales is ~1/3 of total revenues, they potentially lose 8% of revenues (it's not clear whether "German electricity sales" is just the electricity they generated, so perhaps the loss is even lower). Is this such a big deal? I understand that you claim that the reactors were depreciated, so these 8% was "free" money, but that's not exactly true. They still had to pay for upkeep/running them/fuel, etc. And on the other hand don't they benefit from the reactor closure in their other businesses?

I would be more concerned that they had negative FCF for last two years and presumably they will have negative FCF again if they decide to replace closed reactors with anything. :) Though perhaps its similar concern to yours.
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