(CercleFinance.com) – Oddo maintains its outperformance rating on the Engie share with a slightly raised price target of 17 to 17.5 euros.
‘Engie yesterday published results 9M higher than our estimates’, indicates Oddo with in particular an EBITDA in organic growth of 45% to 10,665 ME against 8,450 ME expected.
Performance in 9M was mainly driven by significant growth in all segments except Energy Solutions and Network activities which remained stable at 177 ME (-2%) and 1,765 ME (-2%).
In this context, Engie has revised its forecasts for 2022 upwards: EBITDA is now expected in a range between 13.2-14.2 MdE vs 11.7-12.7 MdE previously, EBIT between 8.5-9.5 MdE vs 7.0-8.0 MdE previously and recurrent NR between 4.9-5.5 MdE vs 3.8-4.4 MdE previously.
Oddo is also adjusting its estimates for 2022 and now anticipates 2022 EBITDA at 13,755 ME (i.e. a revision of +12%), EBIT at 9,318 ME (revision of +18%) and adjusted net income at 5,402 ME (revision of +23%), i.e. EPS at E2.20 (+24%).
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