Coffee, Croissants & Credit/Engie and TenneT

Utilities - Engie: Good 1Q24 results in a context of market normalization. TenneT: New options needed after discussions collapse

European Integrated Utilities/What we expect for 2022

Earnings season is kicking off for utilities. We expect the European integrated utilities to post an average 9% EBITDA growth in 2021. For 2022, according to guidance from the companies and our assumptions, we should see another year of sustained EBITDA growth at about 7%. Factors driving this sector growth include relatively elevated power prices with demand still growing, although at a much lower pace, ETS carbon emission contracts reaching record levels, and tensions between Russia and Ukraine that could see the stoppage of Russian gas flows to Europe. Investments continue their ascension w...

ENGIE BRASIL ENE is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of ENGIE BRASIL ENE (BR), active in the Conventional Electricity industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date December 31, 2021, the closing price was BRL 38.41 and its potential was estimated a...

1&1 AG : Nouveau warning (mais au timing favorable à l’Offre de United Internet)

Jaguar Land Rover : End of a cycle

After three years of recovery and rating upgrades (five from S&P, three from Moody's), management has significantly lowered its targets to align with the new headwinds (tariffs, USD devaluation, China, higher costs). This is a necessary and consistent measure, which should not jeopardise the IG rating/net cash position, but marks the end of a positive cycle. There are now, in our view, more downside risks than upside potential. In the short-term, there are moderate commercial risks associated with the two new 100% electric Range Rover and Jaguar vehicles due to be launched in 2026. In the medi...

RTL Group : Acquisition of Sky Deutschland, creation of a hybrid group: advertising and pay TV