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
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...

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 – COMMENTAIRES DETAILLES 09/09/2020

...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : With a € 7bn plan, France is scaling up its hydrogen industry

>€ 7bn to develop a green hydrogen industry in France - On Tuesday 8 September, the French government presented the details of its hydrogen plan with a total budget of over € 7bn. This is a clear increase compared to the € 200m initially anticipated in the 2018 plan, for the development of the industry until 2030. More specifically, € 3.4bn total investment is expected by 2023 to finance this strategy, and up to € 7.2bn by 2030. € 2bn is earmarked in the stimulus plan...

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 co...

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.

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...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : With a € 7bn plan, France is scaling up its hydrogen industry

>€ 7bn to develop a green hydrogen industry in France - On Tuesday 8 September, the French government presented the details of its hydrogen plan with a total budget of over € 7bn. This is a clear increase compared to the € 200m initially anticipated in the 2018 plan, for the development of the industry until 2030. More specifically, € 3.4bn total investment is expected by 2023 to finance this strategy, and up to € 7.2bn by 2030. € 2bn is earmarked in the stimulus plan...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : Avec un plan de 7 Md€, la filière hydrogène française change de dimension

>7 Md€ pour développer une « filière d’hydrogène vert en France » - - Le gouvernement français a présenté mardi 8 septembre les détails de son plan hydrogène, dont l’enveloppe totale s’élève à plus de 7 Md€. Une augmentation nette par rapport au 200 M€ initialement prévu en 2018 pour le développement de la filière jusqu’à l’horizon 2030. Plus précisément, un investissement global de 3.4 Md€ est prévu pour le financement de cette stratégie d’ici 2023, et jusqu’à 7.2 Md€...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : A first step towards the end of the discount

>The strategic simplification supports the outlook - On Friday morning Engie reported earnings in line with our expectations and issued cautious guidance for 2020. Yet the share price reacted positively thanks to the announcement of a strategic plan that makes sense and which seems likely to reduce the share’s discount in the future. We trimmed our estimates for 2020 (-2%) to take account of all the indications given for the guidance but raised our expectations for 20...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Un premier pas vers la fin de la décote

>La simplification stratégique soutient les perspectives - Engie a publié vendredi matin des résultats en ligne avec nos attentes et assortis d’une guidance prudente sur l’exercice 2020. Pour autant le titre a bien réagi grâce à l’annonce d’un plan stratégique cohérent qui semble être en mesure de réduire la décote du titre à l’avenir. Nous avons légèrement abaissé nos estimations sur 2020 (-2%) pour tenir compte de toutes les indications fournies sur la guidance mais...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ENGIE : Results 1H and guidance 2020 in line with our expectations

>H1 2020 in line with expectations - ENGIE posted this morning results in line with expectations. EBIT came at € 2,169m (-29.3%) vs € 2,162m expected. Unsurprisingly, the customer solutions and supply business were the most impacted by the COVID-19 crisis while the other businesses were much more resilient to the economic environment. Net income came in at € 24m (-99%) and in line with our expectations while recurring net income group share was € 700m (-53.1%) in line...

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 t...

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 exp...

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...

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...

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 – COMMENTAIRES DETAILLES 09/09/2020

...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

...

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 we...

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...

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