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

Tancrede Fulop

Morningstar | EDF Posts Slight Sales Growth Despite Mild Weather, Maintains 2019 Guidance; Shares Undervalued

We reiterate our fair value estimate of EUR 14.50 per share along with our no-moat, stable trend ratings after EDF released first-quarter sales and reiterated its 2019 guidance. More clarity on the potentially highly value-accretive breakup of the group should be provided by year-end. We have only factored in 25% of the potential value creation from it, which provides a safety margin against likely cost overruns at Flamanville 3. We believe the shares are undervalued. Group' sales increased 1.7% to EUR 21 billion. On the positive side, French generation and supply's sales grew organically by ...

Tancrede Fulop

EDF Posts Slight Sales Growth Despite Mild Weather, Maintains 2019 Guidance; Shares Undervalued

We reiterate our fair value estimate of EUR 14.50 per share along with our no-moat, stable trend ratings after EDF released first-quarter sales and reiterated its 2019 guidance. More clarity on the potentially highly value-accretive breakup of the group should be provided by year-end. We have only factored in 25% of the potential value creation from it, which provides a safety margin against likely cost overruns at Flamanville 3. We believe the shares are undervalued.  Group' sales increased 1.7...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2019

...

Louis Boujard ...
  • Philippe Ourpatian

EDF : Q1 revenues slightly above expectations

>A good set of revenues in Q1 - EDF posted revenues slightly above expectations this morning. On a consolidated basis, the group posted revenues of € 21bn (+2.5% y1eo1ey and +1.7% l-f-l) vs € 20.4bn expected. The good performance is mostly attributable to favourable market conditions in the power generation segment, which posted revenues of € 8,145m (+2.2 l-f-l) vs € 8,100m expected, and energy services, with Dalkia up 7.8% l-f-l to € 1,323m vs € 1,200m expected. The gr...

Tancrede Fulop

Morningstar | EDF Posts Slight Sales Growth Despite Mild Weather, Maintains 2019 Guidance; Shares Undervalued

We reiterate our fair value estimate of EUR 14.50 per share along with our no-moat, stable trend ratings after EDF released first-quarter sales and reiterated its 2019 guidance. More clarity on the potentially highly value-accretive breakup of the group should be provided by year-end. We have only factored in 25% of the potential value creation from it, which provides a safety margin against likely cost overruns at Flamanville 3. We believe the shares are undervalued. Group' sales increased 1.7% to EUR 21 billion. On the positive side, French generation and supply's sales grew organically by ...

Tancrede Fulop

EDF Posts Slight Sales Growth Despite Mild Weather, Maintains 2019 Guidance; Shares Undervalued

We reiterate our fair value estimate of EUR 14.50 per share along with our no-moat, stable trend ratings after EDF released first-quarter sales and reiterated its 2019 guidance. More clarity on the potentially highly value-accretive breakup of the group should be provided by year-end. We have only factored in 25% of the potential value creation from it, which provides a safety margin against likely cost overruns at Flamanville 3. We believe the shares are undervalued.  Group' sales increased 1.7...

Louis Boujard ...
  • Philippe Ourpatian

EDF : Q1 revenues slightly above expectations

>A good set of revenues in Q1 - EDF posted revenues slightly above expectations this morning. On a consolidated basis, the group posted revenues of € 21bn (+2.5% y1eo1ey and +1.7% l-f-l) vs € 20.4bn expected. The good performance is mostly attributable to favourable market conditions in the power generation segment, which posted revenues of € 8,145m (+2.2 l-f-l) vs € 8,100m expected, and energy services, with Dalkia up 7.8% l-f-l to € 1,323m vs € 1,200m expected. The gr...

Louis Boujard ...
  • Philippe Ourpatian

EDF : Q1 revenues slightly above expectations

>A good set of revenues in Q1 - EDF posted revenues slightly above expectations this morning. On a consolidated basis, the group posted revenues of € 21bn (+2.5% y1eo1ey and +1.7% l-f-l) vs € 20.4bn expected. The good performance is mostly attributable to favourable market conditions in the power generation segment, which posted revenues of € 8,145m (+2.2 l-f-l) vs € 8,100m expected, and energy services, with Dalkia up 7.8% l-f-l to € 1,323m vs € 1,200m expected. The gr...

Louis Boujard ...
  • Philippe Ourpatian

EDF : EDF: ASN seems favourable to a scenario of repairing defective welds

>Scenario of weld repair taking shape - A group of experts from the Nuclear Safety Authority (ASN) concluded that EDF could not leave eight welds of the Flamanville EPR in their current state as it wished and will have to start work to repair them. Yet another issue to be resolved for this project. EDF currently expects fuel to be loaded at the end of 2019 and for the project to enter into service in 2020."EDF will have to repair these eight welds with quality de...

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. ...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/12/2019

US Congress is currently discussing how best to continue securing, or even raising, funding for the country's infrastructure. Increasing the federal tax on fuel is one of the few options to receive cross-party support. This tax has not been hiked since 1993, but mindsets are changing with 39 states having already ramped up the local component of this levy in recent years. CRH and HeidelbergCement would be the main beneficiaries. - - ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/04/2019

Des discussions au Congrès américain sont actuellement en cours en vue de boucler, voire même d’augmenter, le financement des infrastructures. L’idée d’une hausse de la taxe fédérale sur les carburants reste l’un des rares projets avec un soutien bipartisan. Cette taxe n’a pas été augmentée depuis 1993 mais les mentalités américaines évoluent : 39 Etats ont déjà augmenté la composante locale de cette taxe ces dernières années. CRH et HeidelbergCement seraient les grands gagnants. - - ...

Antoine Boivin-Champeaux ...
  • Benoit Valleaux
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/26/2019

In theory, the euro has, via the financing of the record twin deficits in the US and the anticipations of a fall in the Fed’s key rates in 2020, solid reasons for appreciating. Moreover, the Fed’s capitulation, on 20 March, had boosted the euro. In reality, further disappointment on European PMI data and the return of the spectre of a hard Brexit have wiped out this rebound. In this context of uncertainty, why not choose from our “strong euro” and “strong dollar” baskets, stocks with...

ELECTRICITE DE FRANCE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ELECTRICITE DE FRANCE (FR), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 5, 2019, the closing price was EUR 14.90 and its potential was estimated at EUR 15.98.

EDF

EDF

EDF

EDF

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

EDF - Assemblée générale des actionnaires du 16 mai 2019

La société a diminué de nouveau le montant de son dividende cette année (-33%) mais dans une proportion moindre que la baisse du bénéfice net par action (-80%). Le dividende n'est donc pas couvert par le résultat. Par ailleurs, en raison des besoins d'investissement du groupe, le problème du maintien d'un dividende demeure posé et la réduction proposée semble insuffisante pour contribuer à assurer sa pérennité. Par ailleurs, une option est ouverte pour un paiement en actions avec décote. Par conséquent, les résolutions 3 et 4 ne seront pas soutenues. Parmi les nombreux nominations et renouvel...

Expert Corporate Governance Service (ECGS)

Electricité de France (EDF) - AGM and EGM 16 May 2019

The company has again reduced its dividend this year (-33%) but to a lesser extent than the decrease in net earnings per share (-80%). The dividend is therefore not covered by the earnings. In addition, due to the group's investment needs, the problem of maintaining a dividend remains and the proposed reduction seems insufficient to help ensure its sustainability. Moreover, an option is available for payment in shares at a discount. Therefore, resolutions 3 and 4 will not be supported.  Among the many appointments and renewals proposed is that of the Chairman and Chief Executive Officer, whic...

EDF – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EM in early stages of bottoming Our overall global outlook remains cautious and continued downward pressure on global equities remains our expectation. This belief is supported in part by the absence of bottoming price action for broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE), which are still making lower highs and lower lows. However, one bright spot is EM (more on this below), which continues to give us hope that global equities can bottom out. • Emerging Markets. We began highlighting the MSCI EM index as leadership on a relative basis back in November, so continued outper...

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.

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