EDF Confirms 2017 Guidance; Structural Issues Remain
EDF beat consensus at the net income level and reiterated its 2017 guidance. EBITDA of the first half of the year fell by 21% organically to EUR 7 billion while recurring net income dropped by 54% to EUR 1.4 billion. Net debt decreased by EUR 6.1 billion to EUR 31.3 billion. We do not plan to make any changes on the back of these results. We maintain our fair value estimate at EUR 8.90 per share, along with our no-moat and negative moat trend ratings. Our fair value estimate implies no more down...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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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.
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