reports
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/03/2024
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : A growing consistency
>Corporate PPA, visibility, renewables, three recurring themes - We organised a road show over several days on the east coast of the US with Engie’s management and investor relations teams. Of course many topics were discussed but three themes largely recurred in conversations. These covered the advantages stemming from the development of corporate PPA, the improvement in visibility on the outlook and opportunities in the renewables sector. One theme came up again and...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Une cohérence qui s’affirme
>Corporate PPA, visibilité, renouvelable, 3 thèmes récurrents - Nous avons organisé sur plusieurs jours un roadshow côte Est américaine avec le management et les équipes de relation investisseurs d’Engie. De nombreux sujets ont bien sûr été discutés mais de manière générale trois thèmes sont revenus de manière récurrente dans les échanges. Il s’agit des atouts que procurent le développement des corporate PPA, de l’amélioration de la visibilité sur les perspectives et ...
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Roadshow feedback - focus on market and resilience
>Key focus areas - We organised a roadshow with Catherine Macgregor CEO and Pierre-François Riolacci CFO, for investors on the US west coast. It was an opportunity to update on several aspects of Engie’s value proposition, with investors zooming in particularly on the trend in the market and the resilience of future earnings for the GEMS (General Energy Management & Sales) division. The event also looked at aspects related to the resilience of Engie’s results in a tou...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Feedback roadshow - Focus sur le marché et la résilience
>Les principaux sujets d’attention - Nous avons organisé un roadshow avec Catherine Macgregor CEO et Pierre-François Riolacci, CFO pour les investisseurs de la côte ouest américaine. Ce rendez-vous a été l’occasion de revenir sur plusieurs aspects de la proposition de valeur d’Engie avec une attention particulière des investisseurs sur l’évolution du contexte de marché et la résilience des résultats futurs de la division GEMS (General Energy Management & Sales). Les a...
Engie: 1 director
A director at Engie bought 2,000 shares at 14.832EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
ENGIE announces $1bn Tax Equity Financing for more than 1.3 GW of U.S....
ENGIE announces $1bn Tax Equity Financing for more than 1.3 GW of U.S. Renewables Assets Largest Financing to Date Supports Acceleration of Renewables and Continued Expansion for ENGIE in the U.S. HOUSTON, Feb. 27, 2024 (GLOBE NEWSWIRE) -- (ENGIE) announced that it recently completed more than $1bn of Tax Equity financing, through separate agreements with three banks, J.P. Morgan, Goldman Sachs and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO and SPP, includin...
- Nadège Tillier
Engie/Renewables boost in 2023 but earnings warning for 2024
Engie posted another strong financial year, with EBITDA reaching €15bn (+9.5% year-on-year). EBITDA excluding Belgian nuclear reached €13.7bn, up 12.5% YoY. EBIT of €9.5bn was €1.5bn higher than in 2022. The company continued its ramping up of renewables, with an additional 3.9GW installed. Renewables were also a major driver of EBITDA growth in 2023 - this growing base will continue to support Engie's cash flow generation and the greening of its energy mix. Management also flagged that they exp...
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Capacity for resilience warmly welcomed
>Good 2023 figures in line with expectations - Engie’s results, reported yesterday, were consistent with expectations. EBITDA excl. nuclear came in at € 13.7bn (+12.3%) vs € 13.873bn forecast. Operating profit excl. nuclear showed organic growth of 18.3% to € 9.479bn vs € 9.556bn, in line with the guidance (€ 9.0-10.0bn). By division, the group posted excellent results in renewable energies, with growth of 19.5% to € 2.005bn, beating our € 1.974bn forecast. The netwo...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Une capacité de résilience saluée
>Une bonne publication 2023 conforme aux attentes - Engie a publié hier des résultats conformes aux attentes. L'EBITDA hors nucléaire s'élève à 13 700 M€ (+12,3%) contre 13 873 M€ attendus. Le résultat d'exploitation hors nucléaire est en hausse organique de 18,3% à 9 479 M€ contre 9 556 M€, en ligne avec la guidance (9,0 - 10,0 Md€). Par division, le groupe a enregistré de très bons résultats dans les énergies renouvelables, en hausse de 19,5% à 2 005 M€, au-dessus d...
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : A good set of 2023 results with a satisfactory level of guidan...
>A good set of result - This morning, Engie published a decent set of results in line with expectations. EBITDA excluding nuclear came in at € 13,700m (+12.3%) vs € 13,873m expected. EBIT excluding nuclear was up 18.3% organic to € 9,479m vs € 9,556m in line with guidance (€ 9.0 - € 10.0bn). By division, the group posted a very strong set of results in renewables that was up 19.5% to € 2,005m above our forecast € 1,974m. The network division was down 4.5% to € 2,265m ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : A good set of 2023 results with a satisfactory level of guidan...
>A good set of result - This morning, Engie published a decent set of results in line with expectations. EBITDA excluding nuclear came in at € 13,700m (+12.3%) vs € 13,873m expected. EBIT excluding nuclear was up 18.3% organic to € 9,479m vs € 9,556m in line with guidance (€ 9.0 - € 10.0bn). By division, the group posted a very strong set of results in renewables that was up 19.5% to € 2,005m above our forecast € 1,974m. The network division was down 4.5% to € 2,265m ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
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