Report
Nikolaas Faes

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.
Underlyings
Heineken Holding N.V.

Heineken Holding is a holding company based in the Netherlands. Through its subsidiaries, Co. promotes the continuity, independence and stability of the Heineken group. This creates the conditions which enable Heineken N.V. to pursue its long-term policy in the interest of the shareholders, the staff and other stakeholders. Co. does not engage in operational activities itself. These have been assigned within the Heineken group to Heineken N.V. and its subsidiaries and associated companies. Through Heineken N.V., Co. is involved in the brewing and selling of beer.

Heineken NV

Heineken is an international brewer and engaged in the production and distribution of beer brands in 178 countries. Co. is committed to the marketing and consumption of its more than 250 international premium, regional, local and specialty beers and ciders. These include Heineken®, Amstel, Anchor, Biere Larue, Bintang, Birra Moretti, Cruzcampo, Desperados, Dos Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger and Zywiec. In addition, Co. is the cider maker with brands such as Strongbow® and Bulmer's®. Some of its wholesalers also distribute wine, spirits and soft drinks.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Nikolaas Faes

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