Engie's 2018 Dividend Above Expectations, Earnings Outlook in Line; Shares Undervalued
We reiterate our fair value estimate of EUR 16.30 per share and our no-moat, stable trend rating for Engie. 2017 recurring net income came in at EUR 2.6 billion, 6% above expectations. The 2018 dividend was unexpectedly raised from EUR 0.70 per share to EUR 0.75. The group will hold an investor day in the second half to clarify its strategy and set medium-term targets. The message on capital allocation provided during the conference call was reassuring, in our view. We believe the shares are und...
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