Engie Returns to Organic Growth
We reaffirm our EUR 16 per share fair value estimate and our no-moat and negative moat trend ratings for Engie after the group reported 2016 earnings and disclosed 2017 guidance in line with our expectations. 2016 adjusted EBITDA slid 5% to EUR 10.7 billion and 2.7% on a like-for-like basis, short of our EUR 10.9 billion estimate. Recurring net income decreased 4% to EUR 2.5 billion, in line with our expectations. Net debt decreased EUR 2.9 billion to EUR 24.8 billion, largely owing to EUR 3.6 b...Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.
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