(News Bulletin 247) – Oddo maintains its outperformance rating on the Engie share, with a price target raised from 17 to 18 euros.
The analysis office reports that the results published yesterday by Engie for the 2022 fiscal year are in line with the guidance but slightly above expectations.
EBITDA was up 27% on an organic basis to 13,665 ME (vs guidance between 13.2-14.2 MdsE), when Oddo and the consensus were counting respectively on 13,349 ME and 13,320 ME.
The group has revised its forecasts for 2023-24 upwards, with EBIT expected at 6.6-7.6 billion euros in 2023 and 7.2-8.2 billion euros in 2024 and recurring net income expected at 3.4-4.0 billion euros in 2023 and 3.8-4.4 billion euros. in 2024.
In this context, ‘we have raised our profit estimate partly on the basis of the acceleration of the Capex plan which goes from 22-24 billion euros over the period 2021-23 to 29-33 billion euros over the period 2023-25’, indicates Oddo.
The broker estimates that the stock is still trading at a discount of around 25% on the PE vs. sector after nuclear restatement.
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