Excessive Share Price Reaction to Engie's Nuclear Outages; Shares Significantly Undervalued
We reiterate our fair value estimate of EUR 15.50 per share along with our no-moat, stable trend ratings after Engie announced additional unplanned outages at its Belgian nuclear plants Doel 1 and Doel 2. The share price is down 2%-3% on the news, reflecting the the market's jitters over Engie's Belgian nuclear business, which has been experiencing these kinds of setbacks since 2012 and is a big source of uncertainty for Engie. Nonetheless, we estimate that Belgian nuclear assets should be the m...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.
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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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