Raising EDF's FVE by 42% to EUR 15 and Lowering Uncertainty to Medium; Shares Undervalued
We raise our fair value estimate for EDF to EUR 15 per share from EUR 10.60Â on mark to market of power prices and the incorporation of a 25% likelihood of a breakup. We reiterate our no-moat rating and upgrade our moat trend rating from negative to stable. We also lower our uncertainty rating from high to medium. Shares are undervalued.Mark to market of our power price assumptions is the main driver of our 23% increase in net income estimates through 2022. European power prices have strongly in...
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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