ENGIE: Buy recommendation maintained despite new Belgian headwind
ENGIE: (BUY, Fair Value EUR15,5 vs. EUR16 (+17%))Buy recommendation maintained despite new Belgian headwind
Engie announced yesterday that the new agenda of scheduled revisions for Belgian nuclear installations will negatively impact the group’s EBITDA and NRI by ~EUR250m. While we believe part of this headwind will be offset by new cost-savings measures and better performances in other activities (French hydro, GEM), this new agenda led us to revised downwards our 2018e estimates and our FV to EUR15.5/share. We maintain our Buy recommendation on the back of attractive valuation, upcoming catalysts and areas of value still untapped by the market in our view.
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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