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
Alfred Glaser ...
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2020

...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Hercules: the Nemean lion*

>Cost of nuclear power estimated at € 48 /MWh according to the CRE - According to specialised publication Contexte, the French energy regulator Commission de Régulation de l’Energie (CRE) estimates the production cost for EDF’s existing nuclear fleet at € 48 /MWh, or € 5 /MWh less than calculated by the company. According to this source, the CRE, an independent administrative authority that sets electricity prices in France, notably takes into account the impact of th...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Hana Jomni
  • Harald Eggeling
  • Haythem BOHLI
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2020

...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Hercule : Tuer le lion de Némée*

>Le coût du nucléaire serait estimé à 48 €/MWh selon la CRE - Selon la publication spécialisée Contexte, la Commission de régulation de l’énergie (CRE) évalue le coût de production du parc nucléaire existant d’EDF à 48 €/MWh, soit 5 €/MWh de moins que celui donné par l’électricien. Selon cette source, la CRE, autorité administrative indépendante qui détermine les tarifs de l’électricité en France, prend notamment en compte l’impact du fiasco du chantier de Flamanville...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Emissions obligataires vertes avec implication sur le capital

>Lancement de sa première émission d'OCEANE vertes pour 2.4 Md€ - Dans le cadre de sa stratégie Cap 2030, EDF a annoncé le lancement de sa première émission d’obligations vertes senior à option de conversion et/ou d’échange en actions nouvelles et/ou existantes (OCEANE vertes) pour un montant nominal d’environ 2,4 Md€, qui serviront à financer ou refinancer, en totalité ou en partie, des projets d’énergies renouvelables nouveaux ou existants. L’émission des obligation...

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 outp...

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 Euro...

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.

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Hercules: the Nemean lion*

>Cost of nuclear power estimated at € 48 /MWh according to the CRE - According to specialised publication Contexte, the French energy regulator Commission de Régulation de l’Energie (CRE) estimates the production cost for EDF’s existing nuclear fleet at € 48 /MWh, or € 5 /MWh less than calculated by the company. According to this source, the CRE, an independent administrative authority that sets electricity prices in France, notably takes into account the impact of th...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Hercule : Tuer le lion de Némée*

>Le coût du nucléaire serait estimé à 48 €/MWh selon la CRE - Selon la publication spécialisée Contexte, la Commission de régulation de l’énergie (CRE) évalue le coût de production du parc nucléaire existant d’EDF à 48 €/MWh, soit 5 €/MWh de moins que celui donné par l’électricien. Selon cette source, la CRE, autorité administrative indépendante qui détermine les tarifs de l’électricité en France, prend notamment en compte l’impact du fiasco du chantier de Flamanville...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Emissions obligataires vertes avec implication sur le capital

>Lancement de sa première émission d'OCEANE vertes pour 2.4 Md€ - Dans le cadre de sa stratégie Cap 2030, EDF a annoncé le lancement de sa première émission d’obligations vertes senior à option de conversion et/ou d’échange en actions nouvelles et/ou existantes (OCEANE vertes) pour un montant nominal d’environ 2,4 Md€, qui serviront à financer ou refinancer, en totalité ou en partie, des projets d’énergies renouvelables nouveaux ou existants. L’émission des obligation...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Green bond issues with capital implications

>First OCEANE bond issue launched for € 2.4bn - As part of its Cap 2030 strategy, EDF has announced the launch of its first senior green bond issue with an option to convert and/or exchange to new and/or existing shares (green OCEANE) for a nominal amount of around € 2.4bn, which will be used to finance or refinance, in full or in part, new or existing renewable energy projects. The zero coupon green bond is scheduled to be launched on 14 September 2020, at an issue p...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Syrine Kabboura

EDF : Green bond issues with capital implications

>First OCEANE bond issue launched for € 2.4bn - As part of its Cap 2030 strategy, EDF has announced the launch of its first senior green bond issue with an option to convert and/or exchange to new and/or existing shares (green OCEANE) for a nominal amount of around € 2.4bn, which will be used to finance or refinance, in full or in part, new or existing renewable energy projects. The zero coupon green bond is scheduled to be launched on 14 September 2020, at an issue p...

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 ?

...

Alfred Glaser ...
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2020

...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Hana Jomni
  • Harald Eggeling
  • Haythem BOHLI
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2020

...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra is the world leader in cutting equipment and software (CAD/CAM, PLM) for the fashion, automotive and furniture markets. The current environment offers little visibility and calls for caution on the order intake in the coming quarters. Nevertheless, Lectra will make it through 2020, maintaining strong intrinsic qualities for its sector, namely high revenue recurrence (>60%), solid FCF generation (2021 yield estimated at 5.5%) and a debt-free balance sheet. At the same time, the ...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2020

...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra est leader mondial dans les équipements de découpe et logiciels (CFAO, PLM), destinés aux marchés de la mode, de l’automobile et de l’ameublement. Le contexte actuel offre peu de visibilité et incite à la prudence au regard des prises de commandes des prochains trimestres. Néanmoins, Lectra traversera 2020 en conservant des qualités intrinsèques fortes pour son secteur, à savoir : récurrence élevée du CA (>60%), solide génération de FCF (yield 21e 5.5%), structure bilancielle s...

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 we...

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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