Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Engie : A striking discount with an implicit yield of 10%

>A slight upward revision for 2022 but a welcome surprise cannot be ruled out - Just three months before the end of the year we have fine-tuned our estimates for 2022, specifically with another upward adjustment to our assumption for the captured price in nuclear and at the Compagnie Nationale du Rhône (hydro) to € 90/MWh vs € 81/MWh previously, despite factoring in the prolonged two-month shutdown at Tihange 1. In a context of electricity shortage in the French marke...
Underlying
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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