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Swiss Capital has reaffirmed a neutral rating on Hidroelectrica (BVB: H2O) with a target price of RON 115 per share, about 6% below its latest close of RON 121.7. The brokerage sees near-term earnings pressure from weak hydrology, softer…
Andrei Chirileasa · Journalist
· Updated · 2 min read
Swiss Capital has reaffirmed a neutral rating on Hidroelectrica (BVB: H2O) with a target price of RON 115 per share, about 6% below its latest close of RON 121.7. The brokerage sees near-term earnings pressure from weak hydrology, softer power prices and a refurbishment-driven investment cycle that weighs on free cash flow and returns on capital.
The research note, published on the BVB Research Hub, projects 2025 net profit of RON 3.17 billion, down 23% year-on-year, and EBITDA of RON 4.47 billion, 19% lower versus 2024. In the first half of 2025, electricity sales dropped 23% to 6.74 TWh as hydro output plunged 27% amid severe drought, while third-party purchases surged 62% to fill supply gaps.
