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

Tancrede Fulop

Morningstar | Partnership Between Engie and EDP Reflects Size Importance in Fast Growing Offshore Wind Market

Engie and EDP announced on May 21 the signing of a strategic Memorandum of Understanding, MoU, to create a joint-venture in offshore wind in which they will combine their offshore wind assets and projects. We think this deal is strategically bold and that the historic partnership between the two groups limits integration risks. We leave our fair value estimates unchanged and reiterate our no-moat, stable trend ratings for both. The combined offshore wind portfolio of EDP and Engie consists of 1.5 GW of projects under construction and 4 GW under development on a gross basis. The two groups' ne...

Tancrede Fulop

Partnership Between Engie and EDP Reflects Size Importance in Fast Growing Offshore Wind Market

Engie and EDP announced on May 21 the signing of a strategic Memorandum of Understanding, MoU, to create a joint-venture in offshore wind in which they will combine their offshore wind assets and projects. We think this deal is strategically bold and that the historic partnership between the two groups limits integration risks. We leave our fair value estimates unchanged and reiterate our no-moat, stable trend ratings for both.  The combined offshore wind portfolio of EDP and Engie consists of 1...

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.

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

...

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 – COMMENTAIRES DETAILLES 15/05/2019

...

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...

Tancrede Fulop

Morningstar | Partnership Between Engie and EDP Reflects Size Importance in Fast Growing Offshore Wind Market

Engie and EDP announced on May 21 the signing of a strategic Memorandum of Understanding, MoU, to create a joint-venture in offshore wind in which they will combine their offshore wind assets and projects. We think this deal is strategically bold and that the historic partnership between the two groups limits integration risks. We leave our fair value estimates unchanged and reiterate our no-moat, stable trend ratings for both. The combined offshore wind portfolio of EDP and Engie consists of 1.5 GW of projects under construction and 4 GW under development on a gross basis. The two groups' ne...

Tancrede Fulop

Partnership Between Engie and EDP Reflects Size Importance in Fast Growing Offshore Wind Market

Engie and EDP announced on May 21 the signing of a strategic Memorandum of Understanding, MoU, to create a joint-venture in offshore wind in which they will combine their offshore wind assets and projects. We think this deal is strategically bold and that the historic partnership between the two groups limits integration risks. We leave our fair value estimates unchanged and reiterate our no-moat, stable trend ratings for both.  The combined offshore wind portfolio of EDP and Engie consists of 1...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : Confidence in the 2019 guidance. Buy recommendation and target price of € 15.0 confirmed

>Confidence confirmed in the 2019 guidance - Following its Q1 earnings release, Engie reiterated its 2019 guidance (see details on page 2). The group’s guidance is based on the following assumptions: a normalisation of weather conditions (+18.2 TWh in the networks & supply divisions in Q2-Q4) and an improvement in nuclear availability in Q2-Q4 (+11 TWh vs last year). It is also based on expectations of a marked improvement in several businesses in H2 compared to ...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : Confiance dans les objectifs 2019. Achat et OC à 15.0 € confirmés

>Confiance réitérée dans les objectifs 2019 - Suite à la publication de son T1, Engie a réitéré sa guidance 2019 (voir les détails en page 2). La guidance du groupe repose sur les hypothèses suivantes : normalisation des conditions météorologiques (+18,2 TWh dans les divisions Networks & Supply sur le T2/T4) et amélioration de la disponibilité nucléaire au T2/T4 (+11 TWh par rapport à l'année dernière). La guidance du groupe repose également sur l’attente d'une ...

Tancrede Fulop

Morningstar | Engie Releases 1Q Results in Line With Expectations and Maintains FY Guidance; Shares Undervalued

We reiterate our fair value estimate of EUR 14.5 per share and our no-moat, stable trend ratings after Engie released first-quarter results in line with consensus expectations and reiterated its full-year guidance. Shares are undervalued. Current operating income, or COI, decreased by 4% to EUR 2 billion. On the negative side, client solutions' COI decreased by 17% because of strong comps, unfavorable contract phasing and renewals, and rising development costs across Latin America. This implies a slowdown after the 8% growth achieved in 2018. Further, this activity is supposed to be the faste...

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...

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

...

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 – COMMENTAIRES DETAILLES 15/05/2019

...

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 – 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 ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

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
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...

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

Coffee, Croissants & Credit/Unilever, a.s.r., Royal Dutch, Engie and Orsted

Consumers: • Unilever (UNANA) has trumped other contenders in the contest to buy GlaxoSmithKline's Health Food Drinks portfolio in India, Bangladesh and 20 other countries in a deal that we view as credit neutral. The main part of the transaction involves Unilever's listed subsidiary Hindustan Unilever Limited (HUL) merging with publicly listed GSK Consumer Healthcare India in an all-equity deal. Due to the relatively small cash component of the deal (c.€639m), which is partly offset by the consolidation of GSK India, which has a net cash position of €457m according to Bloomberg data, we calcu...

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

Coffee, Croissants & Credit/Engie, Total SA

According to financial newspaper l'Agefi, , Engie (ENGIFP) will start looking at growth opportunities in the short term. The company's transformation plan is coming to an end with almost all its objectives already executed. Engie's CEO, Isabelle Kosher, acknowledged the fact that the French Utility was monitoring the situation between EDP (EDPPL) and China Three Gorges (YANTZE).

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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