Report
Jehanne Leroy
EUR 492.40 For Business Accounts Only

Etude de l'AG du 18/05/2017

La société a légèrement baissé le montant de son dividende cette année, alors que le bénéfice net par action a significativement augmenté. Ainsi, en termes de taux de distribution, celui proposé par la société semble bien plus sensé que celui de l'année dernière. Cependant, la situation financière de la société n'a pas connu d'amélioration majeure, et ainsi, l'endettement de la société n'est toujours pas couvert par sa valeur de marché.

Ainsi, si la situation actuelle semble moins catastrophique que l'an dernier (notamment du fait de l'augmentation de capital de 4 Mds€ réalisée en mars 2017), elle demeure toutefois préoccupante et il aurait encore une fois été préférable que la société privilégie le retour à une structure financière saine plutôt qu'au versement d'un dividende.

Underlying
Electricite de France SA

Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Jehanne Leroy

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