U.K. Government Gives Hinkley the Go-Ahead, but Risks Still Abound; Slight Cut to EDF FVE
We have cut our fair value estimate for Electricite de France to EUR 15.70 per share from EUR 16 now that the U.K. government has given EDF the go-ahead to develop the Hinkley Point C nuclear plant.We are increasing our probability to 75% that EDF will complete the plant at our projected GBP 24 billion project cost with pricing subsidies and design as currently approved by the government. EDF maintains that the plant's construction costs will total GBP 18 billion, but we think that is far too l...
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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