Electricite de France's Near-Term Outlook Continues to Sink; Dividend At Risk
We are cutting our fair value estimate for Electricite de France to EUR 11 per share from EUR 15.50 after incorporating yet another negative outlook from management. We are reaffirming our no-moat and negative moat trend ratings.Management appears unable to find ways to offset its exposure to continued weakness in the European energy markets and the euro. We are cutting our 2017 and 2018 EBITDA estimates by 14% after adjusting for lower European forward power prices and appreciation of the Brit...
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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