ODDO : Confirmation of the upturn in the cycle
Our assumptions outlined end-2017 have been confirmed with an average increase of € 4-6/MWh (between 10% and 15%) in electricity prices, but we note a divergence in the contribution of the sub-segments compared with our initial hypotheses. These more favourable trends have prompted us to maintain a positive bias on the sector with a preference for energy companies with sensitivity to the market price. EDF, Engie and Verbund remain on Buy with their target prices raised, RWE's Buy...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.
Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.
Norwest Energy is engaged in the exploration for hydrocarbon resources. Co. is operator for the EP413 joint venture and is also the operator of the PEDL 238, 239 and P1928 joint venture in the U.K.
Redflow is engaged in the manufacture and sale of electricity storage systems (ESS) based on its IP-protected 5 kWh or 10 kWh zinc-bromine following electrolyte battery module (ZBM).
Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.
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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