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

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : Guidance 2019 sécurisée, rebond attendu des résultats en 2020

>CA 9M globalement en ligne avec nos attentes - EDF a publié un CA 9M de 50.9 Md€ (+2.9% lfl) contre nos attentes à 50.7 Md€. Par pôle, on note la bonne tenue de l’activité production et fourniture en France à 20.08 Md€ (+5.7% lfl) contre 19.9 Md€ prévus, bénéficiant de la bonne performance du S1 ainsi que de la hausse des TRV à compter du 1er juin. Toutes les autres activités sont ressorties en ligne avec nos attentes (voir détail page 2) à l’exception des autres act...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : 2019 guidance secure, rebound in earnings expected in 2020

>9M sales broadly in line with our forecasts - EDF reported 9M sales of € 50.9bn (+2.9% l-f-l) vs our forecast of € 50.7bn. Note the favourable showing from the generation and supply business in France which came to € 20.08bn (+5.7% l-f-l) vs the forecast of € 19.9bn, thanks to the good performance in H1 and the increase in regulated tariffs as of 1 June. All of the other businesses were in line with our forecasts (see details on page 2) with the exception of other ac...

Anis Zgaya ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2019

...

Anis Zgaya ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2019

...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : Guidance 2019 sécurisée, rebond attendu des résultats en 2020

>CA 9M globalement en ligne avec nos attentes - EDF a publié un CA 9M de 50.9 Md€ (+2.9% lfl) contre nos attentes à 50.7 Md€. Par pôle, on note la bonne tenue de l’activité production et fourniture en France à 20.08 Md€ (+5.7% lfl) contre 19.9 Md€ prévus, bénéficiant de la bonne performance du S1 ainsi que de la hausse des TRV à compter du 1er juin. Toutes les autres activités sont ressorties en ligne avec nos attentes (voir détail page 2) à l’exception des autres act...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : 2019 guidance secure, rebound in earnings expected in 2020

>9M sales broadly in line with our forecasts - EDF reported 9M sales of € 50.9bn (+2.9% l-f-l) vs our forecast of € 50.7bn. Note the favourable showing from the generation and supply business in France which came to € 20.08bn (+5.7% l-f-l) vs the forecast of € 19.9bn, thanks to the good performance in H1 and the increase in regulated tariffs as of 1 June. All of the other businesses were in line with our forecasts (see details on page 2) with the exception of other ac...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : 9M sales in line with our expectations. Guidance confirmed despite nuclear output revision

>9M sales in line with expectations - EDF has reported 9M 2019 sales of € 50.9bn (+2.9% on an organic basis) vs € 50.7bn forecast by ODDO BHF. By division, sales for the generation and supply activity in France totalled € 20.08bn (+5.7% on an organic basis) vs € 19.9bn forecast, benefiting from the good performance in H1 as well as from the increase in regulated blue tariffs as of 1 June. Sales for regulated activities in France came in at € 11.437bn (organic growth ...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

EDF : 9M sales in line with our expectations. Guidance confirmed despite nuclear output revision

>9M sales in line with expectations - EDF has reported 9M 2019 sales of € 50.9bn (+2.9% on an organic basis) vs € 50.7bn forecast by ODDO BHF. By division, sales for the generation and supply activity in France totalled € 20.08bn (+5.7% on an organic basis) vs € 19.9bn forecast, benefiting from the good performance in H1 as well as from the increase in regulated blue tariffs as of 1 June. Sales for regulated activities in France came in at € 11.437bn (organic growth ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Capacity mechanism reintegrated in the UK

>European Commission confirms validity of capacity market in the UK - Yesterday, the European Commission approved the UK government programme relative to the capacity market. This news follows the European Commission’s launch of an investigation in February 2019, after the EU court suspended the mechanism in November in response to a legal challenge presented by technology company Tempus Energy. The company stated that the capacity market gave an unfair advantage to p...

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...

Anis Zgaya ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2019

...

Anis Zgaya ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

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 3 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 June 7, 2019, the closing price was EUR 12.65 and its potential was estimated at EUR 14.07.

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 ?

...

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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