Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.
  • TickerGSZ
  • ISINFR0010208488
  • ExchangeEuronext Paris
  • SectorGas, Water & Multi-utilities
  • CountryFrance

Analysts

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2019

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and 4/ t...

Louis Boujard ...
  • Philippe Ourpatian

ENGIE : A smart strategy in renewables

>Growth strategy for the renewables business line - In an investor seminar held in London yesterday, Engie set out information relating to the market dynamic and on its mission, strategy and capacity in terms of renewable energies. With a global presence in the renewables market, Engie remains a leading player in France and Brazil in wind, solar and hydro. The group, which has opted for targeted and high value-added investments, aims to expand its installed renewable ...

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2019

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à une ...

Louis Boujard ...
  • Philippe Ourpatian

ENGIE : Une stratégie pertinente sur le renouvelable

>Stratégie de croissance pour le Business Line Renouvelables - Lors d’un séminaire destiné aux investisseurs qui s’est tenu hier à Londres, ENGIE a présenté des informations sur la dynamique du marché ainsi que sur sa mission, sa stratégie et ses capacités en matière d’énergie renouvelable. Présente globalement sur le marché des renouvelables, ENGIE reste un leader en France et au Brésil dans l’éolien, le solaire et l’hydro. Optant pour des investissements bien ciblés...

ING
Nadège Tillier

European utilities/Dry 2019 to be followed by a flood of supply

2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in the next three years. On top of this, a large number of utilities have announced ambitious capital expenditu...

Pierre-Antoine Chazal

Engie (Buy, FV EUR15.5) said to weigh offer for all or part of EDP Renovaveis

ENGIE: (BUY, Fair Value EUR15,5 (+19%)) Engie (Buy, FV EUR15.5) said to weigh offer for all or part of EDP Renovaveis (Neutral, FV EUR7.5) According to Bloomberg, Engie (Buy, FV EUR15.5) is among suitors considering a bid for all or part of EDP Renovaveis (Neutral, FV EUR7.5). Despite an increase balance sheet flexibility following the recent disposal of its 69% stake in Glow, we would consider the option of Engie teaming up with CTG as more likely with Engie potentially acquiring only part of current EDPR’s portfolio as we believe that 1/Belgian nuclear provisions remain a sword of Damocles f...

Louis Boujard ...
  • Philippe Ourpatian

ENGIE : A smart strategy in renewables

>Growth strategy for the renewables business line - In an investor seminar held in London yesterday, Engie set out information relating to the market dynamic and on its mission, strategy and capacity in terms of renewable energies. With a global presence in the renewables market, Engie remains a leading player in France and Brazil in wind, solar and hydro. The group, which has opted for targeted and high value-added investments, aims to expand its installed renewable ...

Louis Boujard ...
  • Philippe Ourpatian

ENGIE : Une stratégie pertinente sur le renouvelable

>Stratégie de croissance pour le Business Line Renouvelables - Lors d’un séminaire destiné aux investisseurs qui s’est tenu hier à Londres, ENGIE a présenté des informations sur la dynamique du marché ainsi que sur sa mission, sa stratégie et ses capacités en matière d’énergie renouvelable. Présente globalement sur le marché des renouvelables, ENGIE reste un leader en France et au Brésil dans l’éolien, le solaire et l’hydro. Optant pour des investissements bien ciblés...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : TAG: an accretive impact of 3-4% as of 2020

>A net holding of 49.3% in TAG - Engie yesterday announced the details of its acquisition of 90% of Transportadora Associada de Gas (TAG) through a consortium with Caisse de Dépôt et Placement du Québec (CDPQ). TAG is Brazil’s largest natural gas pipeline operator, with 4,500 km of pipelines which account for 47% of the country’s total gas infrastructure. The consortium is owned by Engie with 32.5%, Engie Brasil Energia with 32.5% and CDPQ with 35%. TAG will be equity...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : TAG : une opération relutive de 3-4% à partir de 2020

>Une participation nette de 49.3% dans TAG - Engie a annoncé hier les détails de l’acquisition de 90% dans Transportadora Associada de Gas (TAG) via un consortium avec la Caisse de Dépôt et Placement du Québec (CDPQ). TAG est le plus grand propriétaire de réseau de transport de gaz naturel au Brésil, avec 4 500 km de gazoducs qui représentent 47% de l'infrastructure gazière totale du pays. Le consortium se répartit entre Engie pour 32.5%, Engie Brasil Energia pour 32....

Tancrede Fulop

Morningstar | ENGI Updated Star Rating from 19 Jun 2019

Engie is one of the three largest diversified international European utilities, along with Enel and Iberdrola. CEO Isabelle Kocher, who was appointed in 2016, launched a significant asset-rotation program that drove the sale of EUR 16.5 billion of mostly commodity-exposed assets--notably E&P, LNG, and coal plants--to focus on regulated, renewables, and client-facing businesses. This strategy has a sound strategic rationale, as it lowered the weight of activities that are typically not moaty with low returns on capital and volatile cash flows. The share of contracted or regulated activities has...

1 director bought

A director at Engie bought 20,000 shares at 13.258EUR and the significance rating of the trade was 77/100. 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 names of board member...

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2019

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and 4/ t...

Emira Sagaama ...
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2019

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à une ...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2019

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). Cf. report published this morning. - ...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2019

...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2019

...

ENGIE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENGIE (FR), a company active in the Multiutilities 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 May 17, 2019, the closing price was EUR 13.58 and its potential was estimated at EUR 14.76.

Engie

Engie

Engie

Engie

ING
Nadège Tillier

European utilities/Dry 2019 to be followed by a flood of supply

2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in the next three years. On top of this, a large number of utilities have announced ambitious capital expenditu...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/LeasePlan, Telecom Italia, EDP, Engie and BP

LeasePlan (LPTY) reported stable earnings YoY for 1Q19 as the higher operating costs offset the improving gross profit. LeasePlan had a solid 17.9% CET1 ratio leaving a 540bp buffer to its CET1 requirement. LeasePlan may diversify its capital base by issuing an AT1, a credit positive. We consider the green LPTY an interesting green alternative vs periphery green bonds. That said, the performance potential for LPTY vs NIBCAP in preferred senior looks limited at current trading levels. Please download the full report LeasePlan: Green LPTY with value vs green periphery bonds published last night ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Engie and Anbang

In a Bloomberg interview at the World Economic Forum in Davos, Engie's (ENGIFP) CFO Judith Hartmann tackled questions around Brexit, acquisitions and the Yellow Vests in France. According to Engie's management, the main threat of a hard Brexit on the company's business is the impact on the overall UK economy and thus on utilities operating in the country. As far as France is concerned, Engie's activities are not directly impacted by the Yellow Vests movement. Judith Hartmann said that Engie's balance sheet is in good shape and offers room for acquisitions. According to the CFO, nothing is on t...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Casino, Telecom Italia, Orange and Engie

Casino (COFP) has signed an agreement with Fortress Investment Group for the sale of 26 hypermarkets for €501m. After registration tax, Casino will receive 80% of the portfolio's asset value (€392m), which represents €31.8m in annual rent. The transaction is expected to close in the first half of 2019. With this transaction, the total of non-strategic asset disposals has reached the target of €1.5bn set in June 2018. On top of this, Casino announced on Saturday that it has signed agreements to sell six Géant hypermarkets to E. Leclerc for €100.5m. The stores were loss-making (trading loss of €...

ING
Nadège Tillier

Green bonds/There is no such thing as perfect green

The financial markets registered an equivalent of €93bn of new issued self-labelled green bonds in 2018. The volume is slightly lower than in 2017 that saw the amount of new green bonds reaching over the €100bn bar (c.€105bn). However, we expect 2019 to be another strong year driven by financial institutions and political initiatives. For investors, there is still the expectation of a more diversified green bond market. Looking at corporates (excluding financial institutions), Utilities still dominate issuance by far. We expect (inaugural) green bonds from other corporates belonging to other s...

Engie SA (ENGI) - Power - Deals and Alliances Profile

Summary Engie S.A. (Engie), formerly GDF Suez S.A., is an electric utility, which generates and distributes electricity and natural gas. It generates electricity using various sources including hydro, wind, solar, biomass, geothermal, nuclear, coal and fuel oil. The company supplies, distributes, trades, and sells natural gas and liquefied natural gas. Engie also offers energy services including facility management, engineering and energy infrastructure projects, IT systems, and decentralized energy supply services for natural gas, biogas, power and heating. Engie operates urban cooling and h...

Engie SA (ENGI) - Oil & Gas - Deals and Alliances Profile

Summary Engie S.A. (Engie), formerly GDF Suez S.A., is an electric utility, which generates and distributes electricity and natural gas. It generates electricity using various sources including hydro, wind, solar, biomass, geothermal, nuclear, coal and fuel oil. The company supplies, distributes, trades, and sells natural gas and liquefied natural gas. Engie also offers energy services including facility management, engineering and energy infrastructure projects, IT systems, and decentralized energy supply services for natural gas, biogas, power and heating. Engie operates urban cooling and h...

Charles Pinel

Engie - Assemblée générale des actionnaires du 17 mai 2019

CONSEIL D'ADMINISTRATION Jean-Pierre Clamadieu a pris la présidence du conseil d'administration en mai 2018 à la place de Gérard Mestrallet, nommé Président d'honneur. Isabelle Kocher demeurant Directeur général, la séparation des fonctions est maintenue. Autre point appréciable : le conseil d'administration ne comporte plus que 14 membres contre 19 précédemment. L'Etat, principal actionnaire, nomme par arrêté un représentant (poste actuellement vacant) et propose deux administrateurs élus par l'assemblée générale contre trois précédemment. Bien que l'Etat ne soit pas sur-représenté au conseil...

Expert Corporate Governance Service (ECGS)

ENGIE - AGM and EGM 17 May 2019

Jean-Pierre Clamadieu took over as Chairman of the Board of Directors in May 2018, replacing Gérard Mestrallet, who was appointed Honorary Chairman. As Isabelle Kocher remains Chief Executive Officer, the separation of functions of Chairman and CEO is maintained. ECGS also notes that the Board of Directors now has only 14 members, compared to 19 previously. The French State, main shareholder, appoints by decree a representative (position currently vacant) and proposes two directors elected by the general meeting against three previously. Although the government is not over-represented on the ...

Engie – 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...

Proxy Report - 18/05/2018

According to regulations adopted in 2014, the French State is required to offer 10% of shares it decides to sell in public companies to the employees of these very same companies. Having reduced its stake in Engie, the State is offering 10% of said shares to employees indirectly. As per resolutions 5 and 6, Engie is requesting authorisation to purchase these shares from the State with the intention of selling them to its employees, at a discount of 20 to 30%. Through such an indirect sale, the State has essentially transferred the costs associated with said discount to the Company, and thereb...

Proxy Report - 18/05/2018

L'année précédente, la société a décidé de modifier son mode de gouvernance en séparant les fonctions de Directeur Général (incarné par Isabelle Kocher) et de Président : ainsi, Jean-Pierre Clamadieu est nommé au conseil pour en prendre la tête à la place de Gérard Mestrallet. Proxinvest félicite la société pour la pérénité des fonctions. La société présente la particularité de demander plusieurs fois les mêmes autorisations finaicères d'augmentation du capital, à la différence près que certaines sont autorissables en période d'offre publiques et d'autres non. Proxinvest s'opposera donc à cel...

Matthieu DRIOL

Short term view - ENGIE : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €13.863.

Matthieu DRIOL

Analyse court terme - ENGIE : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 13,863 €.

Matthieu DRIOL

Short term view - ENGIE : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €11.568, then €11.236. Passing €13.863 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - ENGIE : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 11,568 €, puis 11,236 €. Le franchissement de 13,863 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - ENGIE : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €11.550, then €11.000. Passing €14.395 would question the continuation of the fall.

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