Reducing Our EDF FVE to EUR 8.90 per Share From EUR 9.40 Following the Rights Issue
We have cut our fair value estimate for Electricite de France to EUR 8.90 per share from EUR 9.40, as the rights issue launched with a higher discount than we had factored into our model. We retain our no-moat and negative moat trend ratings for the company.EDF launched its expected EUR 4 billion rights issue on March 7 after market hours with a suprisingly steep discount. The subscription price for new shares has been set at EUR 6.35 per share, which implies a 31.5% discount to the closing sha...
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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