ENGIE: 2018 NRI guidance confirmed despite another Belgian nuke headwind
ENGIE: (BUY, Fair Value EUR15,5 (+24%))2018 NRI guidance confirmed despite another Belgian nuke headwind
Following the announcement last week of new outages at the T2 and T3 reactors, we have adjusted our estimates for 2018e and beyond. The recently launched action plan, lower than expected tax rate (23.5% now expected for 2018e vs. 26.5% in our previous estimates) and better than expected performances in other businesses (GEM, Generation Europe, French hydro) help offset this new significant headwind. Our 2018e NRI expectation now stands at EUR2.46bn, broadly in line with Engie’s indication (low-end of the EUR2.45-2.65bn guidance). Our Buy recommendation is maintained with our EUR15.5/share FV confirmed this morning.
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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