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

EDF

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

EDF : Good set of H1 2019 results

>H1 2019 results slightly above expectations - EDF group just released H1 results slightly above expectations. EBITDA is up +0.1% in organic terms to € 8,346m vs € 8,150m expected (consensus at € 8,262m). By division, results are in line with expectations except for the business line power generation France and UK (see details below). EBIT was up 2.1% to € 3,672m vs € 3,350m but income group share excluding non1erecurring items is slightly below expectations (-19.4%) a...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

EDF : Good set of H1 2019 results

>H1 2019 results slightly above expectations - EDF group just released H1 results slightly above expectations. EBITDA is up +0.1% in organic terms to € 8,346m vs € 8,150m expected (consensus at € 8,262m). By division, results are in line with expectations except for the business line power generation France and UK (see details below). EBIT was up 2.1% to € 3,672m vs € 3,350m but income group share excluding non1erecurring items is slightly below expectations (-19.4%) a...

François Maury ...
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/05/2019

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François Maury ...
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/07/2019

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Khaled Ben Amor ...
  • Louis Boujard
  • Philippe Ourpatian

EDF : EDF has run out of oil...fortunately it hasn’t run out of ideas

>Signature of an agreement for the divestment of Edison’s E&P division - Edison, EDF’s Italian subsidiary, yesterday announced the signature of an agreement on the 100%-divestment of its oil and gas exploration and production (E&P) activity to the UK-based Energean Oil and Gas for a total amount of close to $ 1bn (i.e. € 877m), including an initial payment of $ 750m (i.e. around € 664m). This deal is in line with Edison’s strategy of producing some 40% of its energy f...

1 director sold

A director at Electricite De France sold 7,704,974 shares at 12.260EUR 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. The nam...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2019

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Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/13/2019

Zurich Insurance is Europe’s fourth-largest composite insurer by premiums. Its balanced business mix offers good visibility on its capital generation. Furthermore, its structural profitability in P&C insurance is improving and it is on track to achieve its 2019 financial targets. However, the consensus seems to have already factored in the good operating momentum and upside for the share is limited. We therefore initiate coverage of the stock at Neutral. Cf. equity report published la...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/06/2019

Zurich Insurance est le 4ème assureur composite européen en termes de primes. Son mix d'activités équilibré offre une bonne visibilité sur sa génération de capital. De plus, sa rentabilité structurelle en assurance dommages est en amélioration et le groupe est en bonne voie pour atteindre ses objectifs financiers 2019. Pour autant les bonnes dynamiques opérationnelles nous semblent déjà intégrées par le consensus et le potentiel de hausse du titre est limité. Nous initions ainsi la co...

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

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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

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EDF

EDF

EDF

EDF

EDF

Delphine Chauvin

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

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Delphine Chauvin

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

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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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