Conditions to Close EDF's Fessenheim Plants Provide Some Flexibility but Do Not Affect Valuation
We maintain our fair value estimate of EUR 8.9 per share and reiterate our no-moat and negative moat trend ratings for EDF after the board meeting of April 4 conditioned the closure of the two Fessenheim nuclear plants to restrictive conditions. That decision gives EDF some flexibility, but key hurdles remain ahead for the company. The capital equation will be unbalanced as of 2018, owing to the costly construction of U.K. nuclear power plants. Moreover, as we previously stated, the upcoming pre...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.
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