Engie's 9M Results in Line With Expectations, Fiscal-Year Guidance Maintained; Shares Undervalued
We reiterate our EUR 15.50 fair value estimate and our no-moat, stable moat trend ratings after Engie released nine-month results in line with expectations and stated that it will reach the bottom end of its net income guidance, in line with our expectations. Shares are undervalued despite solid fundamentals. CMD due in February 2019 will bring more visibility on strategy and capital allocation.EBITDA came in at EUR 6.5 billion, up by 5% organically and flattish on a reported basis. On the posi...
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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