(Boursier.com) — Engie falls back by 0.2% to 16 euros this Wednesday, while JP Morgan overweights Engie by raising the slider from 20 to 21.50 euros in the wake of raising its annual targets. Oddo BHF had previously reiterated its ‘outperform’ advice and increased its price target to 20 euros.
The stock is currently trading at a discount of almost 25% in terms of 2024 PE compared to its main comparables, which seems attractive… The energy company is now targeting 2023, “due to the continuation of the good performance of its activities exposed to the market and the reduction of risks as the end of the year approaches”, a recurring net profit share of the group of between 5.1 and 5.7 billion euros, against 4.7 to 5.3 billion previously. EBIT excluding nuclear power is expected in an indicative range of 9 to 10 billion euros (compared to 8.5 to 9.5 billion euros previously).
At the end of September, Engie recorded an Ebit excluding nuclear of 8 billion euros (+27.4%), an Ebitda of 11.9 billion euros (+12%) and a turnover of 62 billion euros (-10.9 %). The economic net debt/EBITDA ratio stands at 2.8x, a stable level compared to December 31, 2022 and in line with the objective of being less than or equal to 4.0x.
©2023 Boursier.com