EDF’s Profit Warning Reflects a Baffling Communication; Our EUR 12.50 FVE Is Unaffected
EDF has lowered its 2017 EBITDA target due to lower nuke and hydro production, and we're adjusting our 2017 earnings estimates accordingly. Our forecasts for subsequent years and our valuation are unaffected. We retain our fair value estimate of EUR 12.50 per share, along with our no-moat, negative trend ratings. This second profit warning in two years calls into question management’s credibility, but increasing wholesale power prices will support the group’s profitability over 2018-20, and EDF ...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.
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.
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