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

Analysts

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

ODDO : Main consequences of fall in oil prices on traditional utilities

>Immediate spread of contagion to all the markets - There are fewer and fewer gas supply contracts directly linked to oil prices. But the correlation between oil and electricity prices remains relatively strong, particularly in periods of high volatility in oil prices, as is the case today. This correlation stems from the phenomenon of the various forms of energy being substituted for one another, which opens the door to opportunistic arbitrage depending on the relati...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Principales conséquences de la baisse des prix du pétrole sur les Utilities traditionnelles

>Une contagion immédiate à l’ensemble des marchés - Il existe de moins en moins de contrats directement liés aux prix du pétrole pour les approvisionnements en gaz mais la corrélation entre le prix du pétrole et le prix de l’électricité reste relativement forte particulièrement en période de forte volatilité sur les prix du pétrole comme c’est le cas actuellement. Cette corrélation est liée au phénomène de substitution entre les énergies qui ouvre la porte à des arbit...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : Energy transition is underway

>More clarity on deadlines - Following contact with the company, we understand that the stages of the EDF reform are now well established. The first step is anticipated for March/April 2020 with the submission of the report commissioned by the CRE (Commission for Energy Regulation) on the full cost of nuclear power and the level of WACC required. It is not clear whether this report handed to the government will be made public. However, it remains a key element to the ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : La transition énergétique est en marche

>Des échéances qui se précisent - Suite à un contact société, nous comprenons que les étapes de la réforme d’EDF sont bien balisées. La première étape est attendue en mars/avril 2020 avec la remise du rapport commandé par la CRE sur le cout complet du nucléaire et le niveau de CMPC exigé. Il n’est pas certain que ce rapport remis au gouvernement soit rendu public. Il n’en constitue pas moins un élément important pour la crédibilité de la réforme d’EDF. Il devrait s’ag...

Electricité de France S.A.

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 ?

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Stephane Houri
  • Team Pharma

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/10/2020

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Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Team Pharma
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/10/2020

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Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Team Pharma
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 10/03/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Stephane Houri
  • Team Pharma

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/03/2020

...

Alain William ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/26/2020

...

For ELECTRICITE DE FRANCE, the environment deterioration entails a downgrade to Neutral

ELECTRICITE DE FRANCE (FR), a company active in the Conventional Electricity industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 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 February 28, 2020, the closing price was EUR 12.59 and its expected value was estimated at EUR 11.53.

Electricité de France S.A.

Neoh Jiaman

Electricité de France S.A.

Electricité de France S.A.

Charles Pinel

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...

Charles Pinel

Proxy Report - 05/05/2018

This general meeting raises the debate on the level of the responsible dividend for EDF. While the board of directors proposes to divide the stock dividend by two, th employee shareholders, via the EDF Actions France, propose in resolution A not to distribute dividends. Proxinvest congratulates the board for this strong and uncomfortable decision to drastically reduce the dividend. Because of the investment needs and the free cash flow, it remains high to ensure its sustainability. The company offers the option for the stock dividend that give the possibility to limit the cas outflows but the...

Charles Pinel

Proxy Report - 05/05/2018

La présente AG pose le débat du niveau de dividende responsable pour EDF. Alors que le conseil d'administration propose de diviser par deux le dividende par action, les actionnaires salariés, via le FCPE EDF Actions France, propose en résolution A de ne pas verser de dividende. Proxinvest félicite le conseil pour ce geste fort et peu aisé de réduction drastique du dividende. Au regard des besoins d'investissement et du Free Cash Flow, celui-ci reste tout de même élevé pour pouvoir garantir sa pérennité. La société propose l'option pour le dividende en actions qui a le mérite de limiter les sor...

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