Report
Travis Miller
EUR 147.86 For Business Accounts Only

Areva deal approaches conclusion to common shareholders' detriment.

We are maintaining our EUR 15.70 per share fair value estimate and stable, no-moat ratings for Electricite de France after the group reported sales down 3% for the first nine months of 2016. Results are on track with our full-year estimates.
The midpoint of management's EUR 16.0 billion-EUR 16.3 billion full-year EBITDA guidance is down from the beginning of the year primarily due to ongoing weak power prices across Europe. Our estimates are in line with management's outlook. Management reaffirm...
Underlying
Electricite de France SA

Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Travis Miller

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