SECTOR | Cleantech & Energy Transition | The power grid challenged by renewables | Initation of coverage EDF, ENGIE
SECTOR | Cleantech & Energy Transition | The power grid challenged by renewablesExpansion in renewable energies is disrupting the power grid as we know it with new constraints arising and the balance between output and consumption increasingly complex. From a very centralised network we are gradually moving towards a far more fragmented structure. The very role of those involved is changing as consumers are becoming producers themselves and play an active role in supply and balance of the grid.
EDF | Avoid the unavoidable
Given its size and systemic role in the European energy network, EDF is a key player. Through its various subsidiaries, the group is positioned in the technologies of the future and is designing our future relationship with energy. Despite its very specific shareholding structure and core business (state-owned and nuclear), this status means that taking an interest in EDF is unavoidable.
ENGIE | Fair Value not reflected yet
During its last strategic plan (2016-2018), the Engie group implemented a genuinely structural transformation that was executed smoothly. Operating risk is now behind us and a clear rerating in the share price could have been expected. However, a rally has yet to materialise and share lags well behind both the sector and many peers.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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