Oddo BHF - Credit Morning 04/03/2018

Report

Oddo BHF

Carole Braudeau

Credit Morning 04/03/2018

Auchan Retail and Casino enter into exclusive talks to build a global strategic partnership for their food and non food purchases.Two US companies expressed interest in buying the 29.9% stake in Cellnex that Atlantia would resell according to El Economista.>

03/04/2018 9 EN

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Carole Braudeau

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ODDO : Engie & Grenergy : deux belles options pour jouer le stockage à grande échelle

Le stockage à grande échelle par batteries émerge comme une solution économique et rentable pour répondre aux besoins croissants de flexibilité des réseaux et à la problématique de la cannibalisation des prix liés à l’essor des énergies renouvelables intermittentes. Sur la base du plan de Capex estimé, nous sélectionnons Engie (Surperformance et OC à 22.5 €) dans le segment des Utilities intégrées et Grenergy (Surperformance, OC 90 € vs 81 €) dans celui des IPP pour s’exposer à cette thématique. Nous conservons notre recommandation Surperformance sur RWE avec un OC relevé à 45 € vs 39 € ainsi...

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ODDO : Engie & Grenergy: two great options for large-scale storage

Large-scale battery storage is emerging as a cost-effective and profitable solution to the growing need for grid flexibility and the problem of price cannibalisation caused by the rise of intermittent renewable energies.. Based on the percentage of the estimated capex plan, we select Engie (Outperform and target price at € 22.5) in the integrated utilities segment and Grenergy (Outperform, target price € 90 vs € 81) in the IPP segment to gain exposure to this theme. We maintain our Outperformance recommendation on RWE with a target price raised to € 45 vs€ 39 and leaving our Outperform recomme...

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Credit Morning 04/03/2018

ODDO : Engie & Grenergy : deux belles options pour jouer le stockage à grande échelle

ODDO : Engie & Grenergy: two great options for large-scale storage

PZU : Rating upgrade driven by strong operational momentum and clear strategy

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