Engie's shrinking power generation fleet puts more emphasis on its regulated backbone.
We are reaffirming our EUR 17 per share fair value estimate and negative, no-moat ratings for Engie after the group reported adjusted EBITDA down to EUR 5.7 billion from EUR 6.1 billion, with adjusted net income falling to EUR 1.5 billion from EUR 1.6 billion. We maintain our full-year 2016 forecast for group EBITDA of EUR 10.9 billion--a 3.5% slide from 2015--and for net income of EUR 2.5 billion, a 4.5% decline.ÂWe expected continuing weakness in generation margins and lower liquefied natural...
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.
We have operations in 27 countries.
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