ENGIE: FY-2018 guidance confirmed despite the EUR250m Belgian nuclear headwind
ENGIE: (BUY, Fair Value EUR15,5 (+12%))FY-2018 guidance confirmed despite the EUR250m Belgian nuclear headwind
Engie unveiled this morning solid H1-2018 results with EBITDA having grown at c. 6% on an organic basis, in line with the Q1-2018 performance. NRI reached EUR1.5bn, slightly above consensus’ expectations. More importantly, the group confirmed this morning its FY-2018 guidance (EBITDA at EUR9.3-9.7bn and NRI at EUR2.45-2.65bn) while the recently unveiled EUR250m headwind related to Belgian nuclear installations led the consensus, and us, to revise downwards our NRI expectations to around EUR2.4bn. We believe that this will be well received by the market this morning. Buy recommendation confirmed.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
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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