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

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...

Tancrede Fulop

Morningstar | Engie's New Strategic Plan Disappoints on Cash Flow, but Share Price Reaction Is Excessive

Engie released 2018 results and 2019 guidance in line with expectations and unveiled its strategic plan for 2019-21. Free cash flow over the period is below expectations. Also, though it is the first time that Engie has set medium-term earnings growth targets, it gave no firm earnings and dividend targets, unlike other diversified utilities like Enel, Iberdrola or Naturgy. That might have disappointed investors. Altogether, we should not materially change our long-term estimates upon this new plan and therefore reiterate our fair value estimate of EUR 14.50 along with our no-moat, stable trend...

Engie - Assemblée générale des actionnaires du 17 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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. - ...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : CMD feedback: clearer trajectory deserves a closer look

>Focusing on decentralisation and specialisation - Engie presented its strategy to continue its “3D” transformation begun in 2016: decarbonisation, digitalisation, and decentralisation. Engie affirmed its goal of becoming the world leader in the competitive zero carbon transition for businesses and local authorities. In order to fine-tune its geographical footprint and allocation of capital, the group’s investment priorities will be focused on 20 countries and 30 urb...

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 | Engie's New Strategic Plan Disappoints on Cash Flow, but Share Price Reaction Is Excessive

Engie released 2018 results and 2019 guidance in line with expectations and unveiled its strategic plan for 2019-21. Free cash flow over the period is below expectations. Also, though it is the first time that Engie has set medium-term earnings growth targets, it gave no firm earnings and dividend targets, unlike other diversified utilities like Enel, Iberdrola or Naturgy. That might have disappointed investors. Altogether, we should not materially change our long-term estimates upon this new plan and therefore reiterate our fair value estimate of EUR 14.50 along with our no-moat, stable trend...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : CMD feedback: clearer trajectory deserves a closer look

>Focusing on decentralisation and specialisation - Engie presented its strategy to continue its “3D” transformation begun in 2016: decarbonisation, digitalisation, and decentralisation. Engie affirmed its goal of becoming the world leader in the competitive zero carbon transition for businesses and local authorities. In order to fine-tune its geographical footprint and allocation of capital, the group’s investment priorities will be focused on 20 countries and 30 urb...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : Feedback CMD : Une trajectoire plus claire qui mérite qu’on s’y penche

>Décentralisation et spécialisation au centre la stratégie d’Engie - ENGIE a présenté aux investisseurs sa stratégie pour poursuivre la transformation réalisée depuis 2016 autour des 3D : décarbonation, digitalisation et décentralisation. ENGIE affirme son ambition de devenir le leader mondial de la transition zéro carbone compétitive des entreprises et des collectivités territoriales. Dans une volonté d’affiner l’empreinte géographique et l’allocation du capital, le...

Tancrede Fulop

Engie's New Strategic Plan Disappoints on Cash Flow, but Share Price Reaction Is Excessive

Engie released 2018 results and 2019 guidance in line with expectations and unveiled its strategic plan for 2019-21. Free cash flow over the period is below expectations. Also, though it is the first time that Engie has set medium-term earnings growth targets, it gave no firm earnings and dividend targets, unlike other diversified utilities like Enel, Iberdrola or Naturgy. That might have disappointed investors. Altogether, we should not materially change our long-term estimates upon this new pl...

Alan Vandenberghe

KBC Securities Flash 19-2-2019 - BEL20: Who's in, who's out?

On 15 March 2019, the reshuffling of the BEL20 will be effective. The cut-off date for the annual review was last Friday (ie. the third Friday of February). We expect the changes to be announced a few days before the effective adjustments. In this document we try to anticipate on the probable movements.

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...

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. - ...

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 – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2019

We are initiating coverage on HOCHTIEF on Neutral, with a target price of € 152. We are attracted by the combination of yield and growth as well as by management’s track record, but we believe that other companies within our coverage (Eiffage, VINCI) today offer equally attractive and more sustainable levels of FCF yield and return. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/02/2019

Nous initions HOCHTIEF à Neutre, avec un objectif de cours de 152 €. Nous sommes séduits par la combinaison rendement-croissance ainsi que par le track record du management mais nous estimons que d’autres valeurs au sein de notre univers de couverture (Eiffage, VINCI) offrent aujourd’hui des niveaux de FCF yield et de rendement aussi intéressants et plus pérennes. Cf étude publiée hier soir. - ...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2019

The underperformance from Vinci and Eiffage end-2018 appears overdone: motorway traffic has admittedly been penalised by the gilets jaunes (“yellow vests”) movement but visibility remains excellent on cash flow generation with highly attractive valuations (FCF yield of 7% for Vinci and 10% for Eiffage). While M&A risk is henceforth more limited, we are upgrading our recommendation on Vinci to Buy (target price of € 90) but we continue to prefer Eiffage (target price of € 103). - ...

ENGIE with less fundamental stars is reduced to Neutral

ENGIE (FR), a company active in the Multiutilities industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date February 8, 2019, the closing price was EUR 13.74 and its expected value was estimated at EUR 13.31.

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...

Engie - Assemblée générale des actionnaires du 17 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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...

Charles Pinel

Etude de l'AG du 12/05/2017

Engie registered a loss of € 415 M in 2016 against a loss of loss of € 4,6 billion in 2015, as assets impairments were € 3,8 billion against € 8,7 billion in 2015. In such a context, the approval of a dividend of € 1.00 per share seems to be guided by the priorities of the main shareholder of the group. Therefore, we recommend that shareholders oppose resolution 3.Four resolutions are dedicated to the executive compensation. Although Isabelle Kocher's compensation is better structured and balanced than Gérard Mestrallet's compensation and shows an improvement in transparency and balancing as w...

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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