ENGIE: Extended outages at Doel 1 & Doel 2: a never-ending story
ENGIE: (BUY, Fair Value EUR15.5 (+23%))Extended outages at Doel 1 & Doel 2: a never-ending story
Following Engie’s announcement last Friday regarding the extension of Doel 1 & Doel 2 outages, we have updated our estimates for 2018e & beyond. The EUR2.45-2.65bn guidance has not been updated but we expect the consensus to rather stand between EUR2.35-2.45bn (we stand at EUR2.38bn). Belgian nuclear remains Engie’s main thorn in the side, at least for 2018. Valuation remains attractive while customers solutions’ rebound in H2 should enable the group to post solid organic growth trends by the end of the year. Numerous catalysts should start to emerge in H2-2018 and could foster a rebound in the share price. The increase in power prices since our last update additionally triggered a slight upward revisions in our EPS forecasts for 2019e & beyond. Buy recommendation maintained. EUR15.5/share fair-value unchanged.
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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