Corporate Governance UncertaintySignificant changes in corporate governance create uncertainty about strategic direction, reducing investor confidence and prompting analysts to adopt cautious ratings.
Investment-driven Leverage And Dividend RiskPlanned investments are expected to raise financial leverage while the dividend policy is maintained, increasing concerns about balance sheet strain alongside shareholder payouts.
Tender And Hydrogen VisibilityLow visibility on potential benefits from new gas tenders and a cautious outlook on hydrogen development constrain upside assumptions used in valuation models.