Engie Tie-Up With Innogy Would Be Dilutive to EPS and Negative for New Management's Credibility
We maintain our fair value estimate of EUR 15.20 per share and our no-moat and stable moat trend ratings for Engie after reports that the company might take a stake in Innogy. We think Engie is undervalued, but deal rumors could continue to weigh on the shares.The deal would be an asset swap in which Innogy parent RWE would swap its 76.8% stake in Innogy for a minority stake in Engie, according to a Reuters report. The deal appears in the early stages and we think would be subject to significan...
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.
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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