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

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/19/2019

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François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/09/2019

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Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Des sujets qui fâchent bien identifiés et des perspectives qui rassurent trop ignorées

>Principaux sujets abordés lors de notre dernier roadshow - Nous avons organisé le RS de Engie à Francfort en début de semaine et avons eu l'occasion de revenir sur la stratégie du groupe dans les activités de solutions clients et du renouvelable où les perspectives restent bonnes et nous permettent de confirmer nos attentes de croissance dans ce domaine. Nous profitons de cette revue des activités pour mettre à jour notre modèle notamment en ce qui concerne les provi...

For ENGIE, the environment deterioration entails a downgrade to Neutral

ENGIE (FR), a company active in the Multiutilities industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date September 10, 2019, the closing price was EUR 13.54 and its expected value was estimated at EUR 13.58.

ING
Nadège Tillier

Utilities green bonds/There is more to green bonds than just a marketing tool

With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate sector. This makes sense when we know that the Energy sector is responsible for the largest part of the gre...

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...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/19/2019

...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/09/2019

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Des sujets qui fâchent bien identifiés et des perspectives qui rassurent trop ignorées

>Principaux sujets abordés lors de notre dernier roadshow - Nous avons organisé le RS de Engie à Francfort en début de semaine et avons eu l'occasion de revenir sur la stratégie du groupe dans les activités de solutions clients et du renouvelable où les perspectives restent bonnes et nous permettent de confirmer nos attentes de croissance dans ce domaine. Nous profitons de cette revue des activités pour mettre à jour notre modèle notamment en ce qui concerne les provi...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : Confident on the guidance. Buy recommendation and target price of € 15.0 reiterated

>Results a shade above forecasts - Yesterday morning, Engie reported H1 results which were slightly better than expected. EBITDA was € 5.32bn, up 2.2% organic vs our forecast of € 5.25bn and € 5.14bn for the consensus. Current operating income was € 3.16bn, +5.6% on an organic basis (ODDO-BHF at € 3.07bn and € 3.05bn for the consensus). Net recurring income on continued activities was € 1.47bn, stable vs last year, up 1.7% on an organic basis (ODDO BHF and consensus ...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ENGIE : Good H1 release. A number one-offs underpin the release

>H1 results slightly higher than expected - This morning, ENGIE released slightly higher-than-expected results. EBITDA was € 5.32bn, up 2.2% on organic basis vs our forecast of € 5.25bn and € 5.14bn for the consensus. Current operating income came in at € 3.2bn, up 5.6% on organic basis vs our forecast of € 3.07bn and €3.05bn for the consensus. ENGIE’s H1 net recurring income from continued activities came in at €1.47bn, unchanged versus a year ago, up 1.7% on organic...

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 ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2019

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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

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For ENGIE, the environment deterioration entails a downgrade to Neutral

ENGIE (FR), a company active in the Multiutilities industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date September 10, 2019, the closing price was EUR 13.54 and its expected value was estimated at EUR 13.58.

Engie

Engie

Engie

Engie

ING
Nadège Tillier

Utilities green bonds/There is more to green bonds than just a marketing tool

With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate sector. This makes sense when we know that the Energy sector is responsible for the largest part of the gre...

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 €...

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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