Electricite de France (EDF)

Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.
  • TickerEDF
  • ISINFR0010242511
  • ExchangeEuronext Paris
  • SectorElectricity
  • CountryFrance
Emmanuel Matot ...
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2020

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confirm our...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Une bonne résilience attendue au S1

>Des résultats plutôt résistants - EDF publiera ses résultats le jeudi 30 juillet avant Bourse. Les impacts COVID devraient essentiellement se concentrer sur la désorganisation du programme de maintenance qui a conduit le groupe à fortement ajuster à la baisse son objectif de production nucléaire à une fourchette comprise entre 315-325 TWh en 2020 puis entre 330-360TWh en 2021 et 2022. Ces niveaux sont à comparer à la production normative d’EDF qui est généralement at...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Solid resilience expected in H1

>Results set to be pretty resilient - EDF is due to report its H1 2020 results on Thursday 30 July before trading. The COVID-19 impacts are likely to be focused mainly on the disorganisation in the group’s maintenance programme which led it to slash its nuclear production target to a range of 315-325 TWh in 2020 and then 330-360TWh in 2021 and 2022. These levels compare to normative production for EDF which is generally expected at between 380 and 390 TWh. As regards ...

Emmanuel Matot ...
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2020

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérien, no...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EM in early stages of bottoming Our overall global outlook remains cautious and continued downward pressure on global equities remains our expectation. This belief is supported in part by the absence of bottoming price action for broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE), which are still making lower highs and lower lows. However, one bright spot is EM (more on this below), which continues to give us hope that global equities can bottom out. • Emerging Markets. We began highlighting the MSCI EM index as leadership on a relative basis back in November, so continued outper...

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Europe, ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Global Utility Stocks

Broadly speaking, global equities (MSCI ACWI, ACWI ex-U.S., EAFE) remain unattractive from a price perspective as breakdowns and downtrends abound. The defensive Utilities Sector has been a primary beneficiary of global equity market weakness. Today we direct your attention to three stocks with the best setups in the Sector: Guangdong Investment Limited (270-HK), Orsted (ORSTED-DK), and Electricite de France SA (EDF-FR). All three have pulled back to logical support and should be bought at current levels. Add exposure.

Valérie GASTALDY

Analyse court terme - ELECTRICITE DE FRANCE : Les cours progressent encore.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 15,600 €. La rupture de 13,700 € mettrait la tendance en danger.

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Une bonne résilience attendue au S1

>Des résultats plutôt résistants - EDF publiera ses résultats le jeudi 30 juillet avant Bourse. Les impacts COVID devraient essentiellement se concentrer sur la désorganisation du programme de maintenance qui a conduit le groupe à fortement ajuster à la baisse son objectif de production nucléaire à une fourchette comprise entre 315-325 TWh en 2020 puis entre 330-360TWh en 2021 et 2022. Ces niveaux sont à comparer à la production normative d’EDF qui est généralement at...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Solid resilience expected in H1

>Results set to be pretty resilient - EDF is due to report its H1 2020 results on Thursday 30 July before trading. The COVID-19 impacts are likely to be focused mainly on the disorganisation in the group’s maintenance programme which led it to slash its nuclear production target to a range of 315-325 TWh in 2020 and then 330-360TWh in 2021 and 2022. These levels compare to normative production for EDF which is generally expected at between 380 and 390 TWh. As regards ...

Equipe Utilities ...
  • Equipe Sustainability

ODDO : An optimistic message

We recently organised, in partnership with Natixis, the second forum dedicated to renewable energy players. A total of 17 French and non-French firms met over 100 investors and set out their strategy and vision for the future. In addition, two round-table discussions addressed the impact of the trajectory for wholesale electricity prices on the renewable energy plus M&A developments, the auction process and the development of offshore wind. The Forum lends weight to our positive ...

Equipe Utilities ...
  • Equipe Sustainability

ODDO : Un message optimiste

Nous avons organisé, en partenariat avec Natixis, le deuxième Forum dédié aux acteurs des énergies renouvelables. 17 sociétés françaises et étrangères ont rencontré plus de 100 investisseurs et nous ont fait part de leur stratégie et de leur vision de l’avenir. De plus, deux tables rondes ont abordé l’impact de la trajectoire des prix de gros de l’électricité sur le secteur des énergies renouvelables et les évolutions M&A, les processus d’enchères et le développement de l’éolien ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Encouraging news on Hercule in Q1 announcement

>Q1 2020 sales in line with our expectations - EDF reported Q1 2020 revenues in line with our forecasts. Revenues came in at € 20.7bn (-1% in organic terms), vs € 20.5bn forecast. The top line benefited from better pricing conditions in electricity in France and the UK, but it was negatively impacted by the decline in gas prices, particularly for Edison in Italy and Dalkia, with an estimated effect of - € 680m (a limited impact on EBITDA). The COVID-19 crisis had a l...

Delphine Chauvin

EDF : Considerations on the group's architecture. What about debt under a "nuclear segregation” scenario?

...

Delphine Chauvin

EDF : Réflexion sur l’architecture du groupe. Quid de la dette dans un scenario de « sanctuarisation » du nucléaire ?

...

Emmanuel Matot ...
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2020

While the trajectory of the return of capacity in China may have kindled hope, we anticipate a further postponement of the recovery, with a 60% fall in traffic in 2020 and a rebound of just 40% in 2021. The relatively high multiples make the stocks vulnerable to potential disappointments, which leads us to be selective. We prefer defence stocks such as Thales and Leonardo. Airbus is our only positive recommendation in the civil aerospace segment. In the airline segment, we confirm our...

Emmanuel Matot ...
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2020

Si la trajectoire de retour des capacités en Chine a pu alimenter l’espoir, nous anticipons une reprise une nouvelle fois décalée dans le temps avec une chute du trafic de 60% en 2020 et un rebond limité à 40% en 2021. Les multiples relativement élevés rendent les titres vulnérables à d’éventuelles déceptions ce qui nous pousse à être sélectif. Nous privilégions les valeurs défense comme Thales et Leonardo. Airbus est notre seule recommandation positive sur le civil. Dans l’aérien, no...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Benoit Valleaux
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2020

After our attempt to establish a sector hierarchy last week, we now adopt an approach using a comparable methodology (speed of revision, performance price / revisions relative to the market, earnings yield/risk-free rate spread) to that of Stoxx 600 stocks. We present a list of 64 stocks combining high scores and a Buy rating from ODDO BHF analysts and a list of stocks to sell, comprising 33 names with a low score and a Reduce rating. The appendix outlines the ranking of all the Stoxx...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Benoit Valleaux
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2020

Après notre tentative de hiérarchisation sectorielle la semaine passée, nous nous attaquons maintenant, en utilisant une méthodologie comparable (vitesse de révision, performance prix / révisions relative au marché, spread Earnings Yield taux sans risque) à celle des valeurs du Stoxx 600. Nous présentons une liste de 64 valeurs combinant scores élevés et recommandation à l’Achat des analystes d’ODDO BHF ainsi qu’une liste de ventes, comprenant 33 titres à score faible et recommandatio...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

With a more favourable environment, ELECTRICITE DE FRANCE improves to Slightly Positive

ELECTRICITE DE FRANCE (FR), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 12, 2020, the closing price was EUR 8.16 and its potential was estimated at EUR 9.43.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Electricité de France (EDF) – AGM 7 May 2020

ECGS draws investors' attention to several points: - Following the notice of meeting published on 10 April 2020, including a correction to the agenda initially communicated, the Company finally decided not to proceed with the payment of an ordinary dividend of €0.48 per share and a bonus dividend of €0.53 per share, merely validating the interim dividend of €0.15 per share already paid. This choice is explained by the Covid-19 crisis, which is currently affecting France and the world and which justifies giving priority to solvency. In line with the commitment campaign of our ECGS partnership ...

Florian Béchaz

Electricité de France - Assemblée Générale du 7 mai 2020

Proxinvest attire l'attention des investisseurs sur plusieurs points: - Suite à l'avis de convocation publié le 10 avril 2020, comportant un rectificatif à l'ordre du jour initialement communiqué, la Société a finalement décidé de ne pas procéder au versement d'un dividende ordinaire de 0,48 € par action et d’un dividende majoré de 0,53 € par action, se contentant de valider l’acompte de 0,15 € par action déjà versé. Ce choix s'explique par la crise du Covid-19, qui touche actuellement la France et le monde et qui justifie que la priorité soit donnée à la solvabilité. Proxinvest approuve cett...

EDF - Assemblée générale des actionnaires du 16 mai 2019

La société a diminué de nouveau le montant de son dividende cette année (-33%) mais dans une proportion moindre que la baisse du bénéfice net par action (-80%). Le dividende n'est donc pas couvert par le résultat. Par ailleurs, en raison des besoins d'investissement du groupe, le problème du maintien d'un dividende demeure posé et la réduction proposée semble insuffisante pour contribuer à assurer sa pérennité. Par ailleurs, une option est ouverte pour un paiement en actions avec décote. Par conséquent, les résolutions 3 et 4 ne seront pas soutenues. Parmi les nombreux nominations et renouvel...

Expert Corporate Governance Service (ECGS)

Electricité de France (EDF) - AGM and EGM 16 May 2019

The company has again reduced its dividend this year (-33%) but to a lesser extent than the decrease in net earnings per share (-80%). The dividend is therefore not covered by the earnings. In addition, due to the group's investment needs, the problem of maintaining a dividend remains and the proposed reduction seems insufficient to help ensure its sustainability. Moreover, an option is available for payment in shares at a discount. Therefore, resolutions 3 and 4 will not be supported.  Among the many appointments and renewals proposed is that of the Chairman and Chief Executive Officer, whic...

EDF – 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...

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