Engie's Improving Earnings Visibility Should Drive a Reduction of Its Discount to the Sector
Engie and EDP announced on May 21 the signing of a strategic Memorandum of Understanding, MoU, to create a joint-venture in offshore wind in which they will combine their offshore wind assets and projects. We think this deal is strategically bold and that the historic partnership between the two groups limits integration risks. We leave our fair value estimates unchanged and reiterate our no-moat, stable trend ratings for both.ÂThe combined offshore wind portfolio of EDP and Engie consists of 1...
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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