Reinitiating Coverage of Electricite de France With No Moat and EUR 9.40 FVE
We have cut our fair value estimate for Electricite de France to EUR 9.40 per share from EUR 11 after reducing our long-run EBITDA estimates due to more cautious power price assumptions and incorporating a dilutive pending capital increase. Our fair value involves a 4% dividend yield, a 14.1 price/earnings ratio, and a 7 enterprise value/EBITDA ratio on our 2017 estimates.We expect 4.6% average annualized EPS growth in 2016-21. We expect earnings to trough in 2017 due to historically low power ...
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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