Engie's New Strategic Plan Disappoints on Cash Flow, but Share Price Reaction Is Excessive
Engie released 2018 results and 2019 guidance in line with expectations and unveiled its strategic plan for 2019-21. Free cash flow over the period is below expectations. Also, though it is the first time that Engie has set medium-term earnings growth targets, it gave no firm earnings and dividend targets, unlike other diversified utilities like Enel, Iberdrola or Naturgy. That might have disappointed investors. Altogether, we should not materially change our long-term estimates upon this new pl...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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