(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on Engie, with an unchanged price target of 17.5 euros.
Oddo reports that Engie considered ‘excessive’ the triennial revaluation of the CPN (nuclear provisions commission) of the provisions for the dismantling of Belgian nuclear power plants and the management of the downstream of the spent fuel cycle.
The increase in provisions proposed by Engie was 0.9 MdsE, compared to the 2.9 MdsE proposed by the CPN.
Engie also unveiled yesterday its estimates of the impact on its EBIT of the legislation adopted in several European countries to limit the ‘infra-marginal rent’ linked to electricity prices, between 0.7 and 0.9 MdE in 2022 and between 1.2 and 1.5 MdE in 2023.
The group also confirms its 2022 guidance adjusted upwards on November 9 (EBITDA between 13.2 and 14.2 billion euros, EBIT between 8.5 and 9.5 billion euros and recurring NR between 4.9 and 5.5 billion euros).
For its part, Oddo is counting on an NI of 3.8 billion euros in 2024 (the consensus is at 4 billion euros). “We have no indication at this stage but this estimate does not seem to us to be at risk even in the event of an extension of the exceptional tax measures in 2024”, concludes the broker.
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