Potential Breakup and Increasing Power Prices Support EDF Investment Case
We reiterate our fair value estimate of EUR 15 per share along with our no-moat, stable trend ratings after Electricite de France released 2018 results in line with expectations and set 2019 guidance below them. We believe the group is well positioned to benefit from increasing carbon and power prices in Europe and see the pull back of Feb. 15 as a good entry point.Â2018Â EBITDA grew 11% to EUR 15.3 billion, slightly above our EUR 15.2 billion and consensus' EUR 15.1 billion forecast. As expecte...
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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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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