Report
Tancrede Fulop
EUR 100.00 For Business Accounts Only

EDF Releases Half-Year Results Above Expectations and Raises Its Full-Year Guidance

EDF has released first-half results above expectations and raised full-year guidance. We will likely raise our 2018 earning estimates accordingly, but the impact on our long-term estimates will be limited. For now, we retain our fair value estimate of EUR 10.6 per share and our no-moat, negative trend ratings. 
EBITDA came in at EUR 8.23 billion, up 19% organically and slightly above expectations. Recurring net income grew 27% to EUR 1.74 billion, well above consensus' EUR 1.4 billion, owing to ...
Underlying
Electricite de France SA

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Tancrede Fulop

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