Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Pas de barrage pour les retenues d’eau, mais un arrêt net pour le charbon

>Recommandation Achat et OC 4.0 € maintenus - A l’issue de cette première étape stratégique marquée par la cession de 1.7 GW de capacité hydroélectrique sur les 2.0 GW mis en vente, nous considérons que la valeur obtenue, au regard de la qualité des actifs, est positive pour EDP. Le groupe estime avoir dépassé son objectif stratégique de cession de 2 Md€, même en termes de MW alors qu’il tablait sur 2 GW. EDP ne cédera pas les 0.3 GW additionnels pour boucler son plan...
Underlyings
EDP-Energias de Portugal SA

EDP Energias de Portugal is a utility company engaged as a generator, distributor and supplier of electricity in Portugal, and as an electricity generation company and a gas distributor in the Iberian Peninsula. In addition, Co. is a wind power operator with windfarms for energy generation in the Iberian Peninsula, the U.S., Canada, Brazil, France, Belgium, Italy, Poland and Romania and is engaged in developing wind projects in the U.K. Co. is also engaged in generating solar photovoltaic energy in Portugal, Romania and the U.S, and in Brazil it is engaged as an operator in electricity generation. As of Dec 31 2015, Co. had 9.7 million electricity customers and 1.4 million gas customers.

ENGIE SA.

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.

Provider
Oddo BHF
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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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