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.
  • TickerENGI
  • ISINFR0010208488
  • ExchangeEuronext Paris
  • SectorGas, Water & Multi-utilities
  • CountryFrance

Engie: 8 directors bought

Eight Directors at Engie bought 43,000 shares at between 10.190EUR and 10.850EUR. The significance rating of the trade was 61/100. 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. T...

ENGIE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENGIE (FR), a company active in the Multiutilities industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 29, 2020, the closing price was EUR 10.63 and its potential was estimated at EUR 11.91.

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Decent result but lack of commitment sanctioned by the market

>Q1 2020 results in line with our expectations - On Tuesday morning, Engie reported Q1 2020 results in line with our forecasts. EBITDA came in at € 3,063m (+1.4% organic) vs our estimate of € 2,961m and the consensus forecast of € 3,058m. EBIT came to € 1,907m (+2.1% organic) vs our and the consensus estimates of € 1,895m and € 1,854m respectively. In the breakdown by division, we note a better-than- expected showing from the infrastructure division in contrast to cl...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive coun...

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.

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...

Engie: 8 directors bought

Eight Directors at Engie bought 43,000 shares at between 10.190EUR and 10.850EUR. The significance rating of the trade was 61/100. 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. T...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Decent result but lack of commitment sanctioned by the market

>Q1 2020 results in line with our expectations - On Tuesday morning, Engie reported Q1 2020 results in line with our forecasts. EBITDA came in at € 3,063m (+1.4% organic) vs our estimate of € 2,961m and the consensus forecast of € 3,058m. EBIT came to € 1,907m (+2.1% organic) vs our and the consensus estimates of € 1,895m and € 1,854m respectively. In the breakdown by division, we note a better-than- expected showing from the infrastructure division in contrast to cl...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Des résultats corrects mais un manque d’engagement sanctionné par le marché

>Résultats T1 2020 en ligne avec nos estimations - Engie a publié mardi matin des résultats T1 2020 en ligne avec nos estimations. L’EBITDA est ressorti à 3 063 M€ (+1.4% org) contre nos estimations à 2 961 M€ et celles du consensus à 3 058 M€. L’EBIT est ressorti à 1 907 M€ (+2.1% org) contre 1 895 M€ et 1 854 M€, respectivement pour nos estimations et celles du consensus. Par division, nous constatons une performance meilleure que prévu de l'activité Infrastructure...

Xavier Regnard

ENGIE - NEUTRAL | EUR12(+22%) Q1: Top-line below expectations and the situation is already challenging for some division

Clients Solutions already severely affected… …and the worst is yet to come Networks should be more resilient Cautious stance reiterated

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

ENGIE : Q1 2020 in line but uncertainty about the impact of COVID-19

>Q1 results in line with expectations - Engie this morning reported its Q1 2020 results that were in line with the consensus and our forecasts. EBITDA grew by +1.4% organically to € 3,063m vs our estimate at € 2,961m and the consensus at € 3,058m. EBIT came in at € 1,907m vs our estimate at € 1,895m and the consensus at €1,854m. Net debt was in line with forecasts at € 27.9bn. By division (see table below), we note a better-than-expected performance from the networks...

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

ENGIE : Q1 2020 in line but uncertainty about the impact of COVID-19

>Q1 results in line with expectations - Engie this morning reported its Q1 2020 results that were in line with the consensus and our forecasts. EBITDA grew by +1.4% organically to € 3,063m vs our estimate at € 2,961m and the consensus at € 3,058m. EBIT came in at € 1,907m vs our estimate at € 1,895m and the consensus at €1,854m. Net debt was in line with forecasts at € 27.9bn. By division (see table below), we note a better-than-expected performance from the networks...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 20/12/2019 - High Yield market - EN

High Yield Market: Low Default Rate And Exceptional Performance In 2019 Goldman Sachs (M/P): Potential $2bn Fine In 1MDB Case Intesa Sanpaolo (O/P): Sale of Its Payment Unit To NEXI (O/P) For €1bn BBVA (O/P): Impairment Charge of $1.5bn For Its US Operations Glencore (M/P): Acquisition of Orsted's Liquefied Natural Gas Business (O/P) Thyssenkrupp (O/P): Investment Plan of €800m/Year Until 2026 Wind Hellas: Fitch Affirms Its B Rating And Revises Outlook To Negative

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...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/05/2020

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/02/2020

From its low point of 23 March, the Stoxx 600 has clawed back around 15%. Even so, we know that a recession is inevitable and that it will be unprecedented in its magnitude, for a duration that remains unknown and that the adjustment of earnings estimates has not run its course. In this context, it seems futile to think that we can have our cake (the current rise in share prices), eat it (the unprecedented support measures) and come back for second helpings (the expected rally once th...

ENGIE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENGIE (FR), a company active in the Multiutilities industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 29, 2020, the closing price was EUR 10.63 and its potential was estimated at EUR 11.91.

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)

ENGIE– AGM 14 May 2020

Press release of 1/4/20 (): - withdrawal of the 2020 targets - cancellation of the 2019 dividend ITEM 4: On 24 February 2020, Isabelle Kocher, CEO since 2016, stepped down. A €3.3 million transaction protocol was signed. ECGS cannot endorse the legitimacy of the €1,149,204 termination indemnity and the €250,000 compensation in lieu of notice due under the employment contract. The AFEP-MEDEF code does not recommend that the employment contract of an Executive officer be maintained and this maintenance was not voted on by the general meeting when she took up this position under the former art...

Jehanne Leroy

Engie - Assemblée Générale des actionnaires du 14 mai 2020

Rémunérations Le 24 février 2020, Isabelle Kocher, Directrice Générale depuis 2016, a quitté ses fonctions. Un protocole transactionnel de 3,3 M€ a été signé. Proxinvest ne peut retenir la légitimité des 1 149 204 € d'indemnité de rupture et les 250 000 € d'indemnités de préavis dus au titre du contrat de travail. En effet le maintien du contrat de travail pour un mandataire social dirigeant n'est pas recommandé par le code AFEP-MEDEF et ce maintien n'a pas fait l'objet lors de son arrivée à ce poste d'un vote de l'assemblée générale au titre de l'ancien article L225-42-1 du code de Commerce....

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch