Uniper SE (UN0.DE) : juste valeur

Thèse ACCE

Uniper runs gas-fired and hydro power plants, a gas storage and trading book, and a large German wholesale gas and power business, most of it spun out of the Fortum and E.ON portfolios and rescued by the German state during the 2022 supply crisis. The structural case rests on its position as one of the few large Western European operators with dispatchable generation and gas procurement at scale, which matters as Germany replaces nuclear and coal capacity and needs firm backup for renewables. Revenue growth of 35.5% reflects the price-driven swing in energy trading and sales rather than a clear volume story, and the 3.6% gross margin and 0.2% operating margin show how thin the economics remain, so earnings quality is the question. The trailing P/E of 10.9 against a forward P/E of 25.1 implies the market expects earnings to fall, and the 14.7% ROE is flattered by a balance sheet that has been reshaped by state support and a stake sale. The part worth a deeper look is whether the dispatchable-capacity and storage franchise can produce durable margins once the crisis-era pricing normalises.