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

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/16/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : UK capacity market suspended!

>A surprise for operators in the UK - According to UK daily The Guardian, the UK plan to secure electricity supplies on the UK market in the winter months has been suspended after a ruling by the European Court of Justice that it constitutes illegal state aid following a complaint by an alternative electricity operator in the UK based on the methodology applied to determine the parameters of the capacity mechanism. Payments under the capacity market scheme representin...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/11/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : Marché du paiement de capacité britannique suspendu !

>Une surprise pour les opérateurs en GB - Selon le quotidien britannique The Guardian, le projet du Royaume-Uni visant à sécuriser l’alimentation en électricité du marché britannique durant les mois d’hiver a été suspendu par un jugement de la Cour de justice européenne fondée sur la caractérisation d’une aide d’État illégale, suite à la plainte d’un opérateur alternatif d’électricité au Royaume-Uni motivée par la méthodologie appliquée pour déterminer les paramètres ...

Engie

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...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/16/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : UK capacity market suspended!

>A surprise for operators in the UK - According to UK daily The Guardian, the UK plan to secure electricity supplies on the UK market in the winter months has been suspended after a ruling by the European Court of Justice that it constitutes illegal state aid following a complaint by an alternative electricity operator in the UK based on the methodology applied to determine the parameters of the capacity mechanism. Payments under the capacity market scheme representin...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/11/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : Marché du paiement de capacité britannique suspendu !

>Une surprise pour les opérateurs en GB - Selon le quotidien britannique The Guardian, le projet du Royaume-Uni visant à sécuriser l’alimentation en électricité du marché britannique durant les mois d’hiver a été suspendu par un jugement de la Cour de justice européenne fondée sur la caractérisation d’une aide d’État illégale, suite à la plainte d’un opérateur alternatif d’électricité au Royaume-Uni motivée par la méthodologie appliquée pour déterminer les paramètres ...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : 9M results in line - signs of improvement in momentum confirmed

>Results in line and guidance confirmed - Yesterday morning, Engie reported 9M figures in line with expectations. EBITDA was € 6.462bn (Oddo BHF € 6.470bn and consensus € 6.492bn), up 5.0% on an organic basis, and underlying operating profit was € 3.505bn (Oddo BHF and consensus € 3.500bn), up 7.7% on an organic basis. The group confirmed its guidance for 2018 at the low end of the € 2.4bn to € 2.6bn range for net profit (Oddo BHF at € 2.4bn). This confirmation is bas...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

Anis Zgaya ...
  • Khaled Ben Amor
  • Louis Boujard, CFA

ODDO : Le retournement du cycle est confirmé

Nos hypothèses de fin 2017 se sont confirmées avec une hausse moyenne des prix de l’électricité de 4 à 6€/MWh (entre 10 et 15%), mais nous voyons une divergence dans la contribution des sous-segments par rapport à nos hypothèses initiales. Ces évolutions plus favorables nous amènent à maintenir un biais positif sur le secteur avec une préférence pour les énergéticiens sensibles au prix de marché. EDF, Engie et Verbund restent à l’Achat avec des OC relevés ; RWE voit sa recommanda...

Anis Zgaya ...
  • Khaled Ben Amor
  • Louis Boujard, CFA

ODDO : Confirmation of the upturn in the cycle

Our assumptions outlined end-2017 have been confirmed with an average increase of € 4-6/MWh (between 10% and 15%) in electricity prices, but we note a divergence in the contribution of the sub-segments compared with our initial hypotheses. These more favourable trends have prompted us to maintain a positive bias on the sector with a preference for energy companies with sensitivity to the market price. EDF, Engie and Verbund remain on Buy with their target prices raised, RWE's Buy...

Anis Zgaya ...
  • Khaled Ben Amor
  • Louis Boujard, CFA

ODDO : Le retournement du cycle est confirmé

Nos hypothèses de fin 2017 se sont confirmées avec une hausse moyenne des prix de l’électricité de 4 à 6€/MWh (entre 10 et 15%), mais nous voyons une divergence dans la contribution des sous-segments par rapport à nos hypothèses initiales. Ces évolutions plus favorables nous amènent à maintenir un biais positif sur le secteur avec une préférence pour les énergéticiens sensibles au prix de marché. EDF, Engie et Verbund restent à l’Achat avec des OC relevés ; RWE voit sa recommanda...

Engie

ENGIE sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ENGIE (FR), active in the Multiutilities industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date October 12, 2018, the closing price was EUR 11.68 and its target price was estimated at EUR 11.10.

Engie

Engie

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Engie

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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).

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

Coffee, Croissants & Credit/Telefónica, Telecom Italia, Engie, Credit Suisse

Telefónica (TELEFO) has won the rights to broadcast LaLiga soccer matches in the residential market. For the 3 seasons covering 2019 to 2022, the company pays €980m for each of the seasons. COO Angel Vila previously indicated the company would be very rational when bidding for soccer rights, based on a strict cost/benefit analysis. For instance with respect to the Champions League rights, he indicated earlier that there was a distinct possibility that Telefónica would not renew the contract if the price is too high. Spread neutral.

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

Coffee, Croissants & Credit/Telecom Italia open to deal with Open Fiber

Telecom Italia (TITIM) is open to a combination of its fixed network with Open Fiber, according to CEO Amos Genish cited by multiple media sources. A next step would depend on Cassa Depositi e Prestiti (CDP), whose management is being reshuffled following the recent change of government, according to Reuters. Furthermore, TI is not interested in merging its entire network, as it would be difficult to for the enlarged entity to get a Regulated Asset Base status, according to the newswire. CDP is a shareholder in Telecom Italia and co-owns Open Fiber.

ING
Nadège Tillier

Engie/Complex hybrid transaction led to a €120m tax loophole/RESTRICTED

After the announcement of a €250m negative impact on 2018 EBITDA due to longer out-of-service nuclear power plants in Belgium, Engie[de] is now under the threat of a €120m tax reimbursement to Luxembourg. In a press release published by the European Commission (EC) today, the institution is asking Luxembourg to get €120m back from Engie for illegal state aid benefits in 2008 and 2010. The EC concluded that a transaction between Engie LNG Supply, Engie LNG Holding, Engie Treasury Management and a fourth entity specialised in financing services led to favourable but illegal tax rulings for the g...

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

Coffee, Croissants & Credit/Fitch affirms AT&T at A-

• Fitch has affirmed AT&T (T) at A-. The outlook is stable. The rating agency believes the Time Warner acquisition will provide the company a strong position in the changing telecom and media industries, which is characterised by growing importance of alternative distribution models and increased audience fragmentation. Other positives include a diversification of the revenue stream and increased financial flexibility due to Time Warner's strong free cash flow generation. Fitch expects AT&T's gross core telecom leverage to be slightly above the 2.5x leverage threshold for the A- rating in the ...

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...

Anaïs Dudout

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...

Anaïs Dudout

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...

Charles Pinel

Etude de l'AG du 12/05/2017

Le groupe enregistre une perte nette de 415 M€ en 2016 contre une perte de 4,6 milliards € en 2015, les dépréciations liées à des pertes de valeur s'élevant encore à 3,8 milliards € contre 8,7 milliards € en 2015. Dans un tel contexte, la proposition d'un dividende de 1 € par action semble être guidée par les priorités de l'actionnaire principal davantage que par les intérêts de l'entreprise. Par conséquent, Nous recommandons un vote négatif à la résolution 3. Quatre résolutions portent sur les rémunérations des dirigeants. Bien que la politique de rémunération d'Isabelle Kocher est mieux équi...

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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