Increased Visibility of 2018 Free Cash Flow, but Uncertainties Remain for EDF
We retain our EUR 11 per share fair value estimate and no-moat and negative moat trend ratings for EDF after the group announced EBITDA of EUR 16.4 billion in 2016, down 5% organically and slightly above our forecast of EUR 16.1 billion. Management reiterated its 2017 EBITDA guidance of EUR 13.7 billion-EUR 14.3 billion, in line with our projection of EUR 14 billion. The EUR 4 billion capital increase that EDF confirmed will provide some financial leeway. However, uncertainty remains high, given...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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