Cutting 2017-18 Earnings Estimates but Maintain EUR 12.50 Fair Value; Shares are Undervalued
We reduced our 2017-2018 adjusted net income estimates by 6% following Electricite de France's profit warning for 2018 and release of nine-month sales. Drivers of this cut are nonrecurring so our medium and long-term estimates are unaffected.Earnings should be boosted by recent rebound in power prices which we believe is not yet fully factored in by the market. We think the rebound in power prices since August is justified by agreement reached last week for the reform of the EU ETS. We reiterat...
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