Engie: question of adjustments

Photo credit © Engie

(Boursier.com) — Engie rose 0.2% to 15.75 euros this Wednesday, while Deutsche Bank adjusted the target from 16 to 16.5 euros with a buy advice. Goldman Sachs also remained long on the group by raising its target to 20.60 euros. Management had previously revised its 2024 objectives after publishing 2023 results in progress, driven by its activities in energy management and renewables… Despite the drop in market prices in recent quarters and taking into account the embedded growth of GEMS in the contribution of activities, Engie now anticipates a recurring net profit share of the group in 2024 at a level between 4.2 and 4.8 billion euros compared to a range of 3.8 to 4.4 billion euros previously announced.
EBIT excluding nuclear power is expected within an indicative range of 7.5 to 8.5 billion euros (compared to 7.2 to 8.2 billion euros previously). Objectives, however, lower than the 2023 results… Engie continues to target a “strong investment grade” credit rating and an economic net debt to EBITDA ratio of less than or equal to 4x in the long term.

The Board of Directors reaffirmed the group’s dividend policy aimed at distributing 65 to 75% of recurring net profit, Group share and including a minimum dividend of 0.65 euros per share for the period from 2024 to 2026. year 2023, the Board of Directors proposes to distribute 65% of recurring net income, Group share, representing a dividend of 1.43 euros per share. This proposal will be submitted for approval to shareholders at the General Meeting on April 30…

©2024 Boursier.com

Source link -87