Electricite de France (EDF)

Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.
  • TickerEDF
  • ISINFR0010242511
  • ExchangeEuronext Paris
  • SectorElectricity
  • CountryFrance

Analysts

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stay defensive The S&P 500's breakdown to new YTD lows only adds to our already cautious outlook for global equities, and cements our expectation for continued downward consolidation. We still need to see signs of bottoming throughout Europe, Asia, and the U.S. before getting positive on global equities. Since no such developments exist, we believe a defensive posture remains prudent. • Global market deterioration: With the U.S. the last shoe to fall, the MSCI ACWI index is breaking down to new lows. We also highlight other major indexes which continue to make lower highs and lower lows... s...

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Europe, ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Global Utility Stocks

Broadly speaking, global equities (MSCI ACWI, ACWI ex-U.S., EAFE) remain unattractive from a price perspective as breakdowns and downtrends abound. The defensive Utilities Sector has been a primary beneficiary of global equity market weakness. Today we direct your attention to three stocks with the best setups in the Sector: Guangdong Investment Limited (270-HK), Orsted (ORSTED-DK), and Electricite de France SA (EDF-FR). All three have pulled back to logical support and should be bought at current levels. Add exposure.

Delphine Chauvin

EDF : Considerations on the group's architecture. What about debt under a "nuclear segregation” scenario?

...

Delphine Chauvin

EDF : Réflexion sur l’architecture du groupe. Quid de la dette dans un scenario de « sanctuarisation » du nucléaire ?

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

EDF : Presentation of MEP: more fear than harm!

>Main thrusts of MEP presented at Elysée palace yesterday - Emmanuel Macron yesterday presented at the Elysee palace the main outlines of the multi-year energy plan (MEP) covering the periods 2019-2023 and 2024-2028. The key points to emerge relate to: i/ announcements regarding the future of nuclear power in France, notably on the number of site closures out to 2030 which appears to be more favourable to EDF than what was initially expected, and ii/ the announcements...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

EDF : Présentation de la PPE : plus de peur que de mal !

>Les grandes lignes de la PPE présentées hier à l’Elysée - Emmanuel Macron a présenté hier à l’Elysée les grandes lignes du plan pluriannuel de l’énergie qui couvre les périodes 2019-2023 et 2024-2028. Les éléments saillants concernent : i/ les annonces sur l’avenir du nucléaire en France notamment le nombre de fermetures de sites d’ici 2030 qui ressort plus favorable à EDF que ce qui était initialement prévu et ii/ les annonces sur le futur d’EDF, qui ont visiblement...

Tancrede Fulop

Morningstar | New PPE's Key Features Are Positive for Electricite de France; Share Price Fall Offers Entry Point

On Nov. 27, French president Macron unveiled the key features of the new French 2019-28 energy plan, the so-called PPE. As far as Electricite de France is concerned, we see the first announcements as positive compared with our assumptions. Pending more details on the structure evolution of the company, we maintain our fair value estimate of EUR 15 per share along with our no-moat, stable trend ratings. The share price decline offers a good entry point. As expected, Macron officially postponed the deadline for nuclear to fall below 50% of French electricity production from 2025 to 2035. As suc...

Tancrede Fulop

New PPE's Key Features Are Positive for Electricite de France; Share Price Fall Offers Entry Point

On Nov. 27, French president Macron unveiled the key features of the new French 2019-28 energy plan, the so-called PPE. As far as Electricite de France is concerned, we see the first announcements as positive compared with our assumptions. Pending more details on the structure evolution of the company, we maintain our fair value estimate of EUR 15 per share along with our no-moat, stable trend ratings. The share price decline offers a good entry point.  As expected, Macron officially postponed t...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/16/2018

...

1 director bought

A director at Electricite De France bought 11,798,465 shares at 10.230EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2018

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2018

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EDF

EDF

EDF

EDF

ELECTRICITE DE FRANCE with less fundamental stars is reduced to Neutral

ELECTRICITE DE FRANCE (FR), a company active in the Conventional Electricity industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date October 23, 2018, the closing price was EUR 14.31 and its expected value was estima...

Delphine Chauvin

EDF : Considerations on the group's architecture. What about debt under a "nuclear segregation” scenario?

...

Delphine Chauvin

EDF : Réflexion sur l’architecture du groupe. Quid de la dette dans un scenario de « sanctuarisation » du nucléaire ?

...

Electricite de France SA (EDF) - Power - Deals and Alliances Profile

Summary Electricite de France S.A. (EDF) is a state-owned integrated energy company that generates, transmits, distributes and sells electricity; supplies natural gas; and offers energy services such as district heating, thermal energy services and other services. The group generates electricity from diversified sources such as nuclear, fossil-fired, hydro, wind, biomass, and other renewable energy sources. It provides electricity and related services to industrial, small business and residential customers, and local authorities. The group through its subsidiaries operates in France, the UK, ...

Electricite de France SA (EDF) - Oil & Gas - Deals and Alliances Profile

Summary Electricite de France S.A. (EDF) is a state-owned integrated energy company that generates, transmits, distributes and sells electricity; supplies natural gas; and offers energy services such as district heating, thermal energy services and other services. The group generates electricity from diversified sources such as nuclear, fossil-fired, hydro, wind, biomass, and other renewable energy sources. It provides electricity and related services to industrial, small business and residential customers, and local authorities. The group through its subsidiaries operates in France, the UK, ...

Charles Pinel

Proxy Report - 05/05/2018

This general meeting raises the debate on the level of the responsible dividend for EDF. While the board of directors proposes to divide the stock dividend by two, th employee shareholders, via the EDF Actions France, propose in resolution A not to distribute dividends. Proxinvest congratulates the board for this strong and uncomfortable decision to drastically reduce the dividend. Because of the investment needs and the free cash flow, it remains high to ensure its sustainability. The company offers the option for the stock dividend that give the possibility to limit the cas outflows but the...

Charles Pinel

Proxy Report - 05/05/2018

La présente AG pose le débat du niveau de dividende responsable pour EDF. Alors que le conseil d'administration propose de diviser par deux le dividende par action, les actionnaires salariés, via le FCPE EDF Actions France, propose en résolution A de ne pas verser de dividende. Proxinvest félicite le conseil pour ce geste fort et peu aisé de réduction drastique du dividende. Au regard des besoins d'investissement et du Free Cash Flow, celui-ci reste tout de même élevé pour pouvoir garantir sa pérennité. La société propose l'option pour le dividende en actions qui a le mérite de limiter les sor...

Jehanne Leroy

Etude de l'AG du 18/05/2017

ITEM 3: The company slightly decreased its dividend this year, while EPS significantly grew. Hence, in terms of payout ratio, the one proposed seems far more sensible than the 2015's payout ratio. However, the company's financial situation did not improve and its indebtedness is still not covered by its market value.Therefore, although the 2016's financial situation is less catastrophic than in 2015, we remain concerned and we would have preferred that the company did not pay any dividend but ensures its financial situation.

Jehanne Leroy

Etude de l'AG du 18/05/2017

La société a légèrement baissé le montant de son dividende cette année, alors que le bénéfice net par action a significativement augmenté. Ainsi, en termes de taux de distribution, celui proposé par la société semble bien plus sensé que celui de l'année dernière. Cependant, la situation financière de la société n'a pas connu d'amélioration majeure, et ainsi, l'endettement de la société n'est toujours pas couvert par sa valeur de marché.Ainsi, si la situation actuelle semble moins catastrophique que l'an dernier (notamment du fait de l'augmentation de capital de 4 Mds€ réalisée en mars 2017), e...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stay defensive The S&P 500's breakdown to new YTD lows only adds to our already cautious outlook for global equities, and cements our expectation for continued downward consolidation. We still need to see signs of bottoming throughout Europe, Asia, and the U.S. before getting positive on global equities. Since no such developments exist, we believe a defensive posture remains prudent. • Global market deterioration: With the U.S. the last shoe to fall, the MSCI ACWI index is breaking down to new lows. We also highlight other major indexes which continue to make lower highs and lower lows... s...

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Europe, ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Global Utility Stocks

Broadly speaking, global equities (MSCI ACWI, ACWI ex-U.S., EAFE) remain unattractive from a price perspective as breakdowns and downtrends abound. The defensive Utilities Sector has been a primary beneficiary of global equity market weakness. Today we direct your attention to three stocks with the best setups in the Sector: Guangdong Investment Limited (270-HK), Orsted (ORSTED-DK), and Electricite de France SA (EDF-FR). All three have pulled back to logical support and should be bought at current levels. Add exposure.

Valérie GASTALDY

Analyse court terme - ELECTRICITE DE FRANCE : Les cours progressent encore.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 15,600 €. La rupture de 13,700 € mettrait la tendance en danger.

Valérie GASTALDY

Short term view - ELECTRICITE DE FRANCE : Prices are still making progress.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €15.600. The break of €13.700 would endanger the trend.

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