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Engie SA - Stock Quote ENGI

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Morningstar's Engie SA Stock Analysis

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Engie, RWE, Veolia, and Centrica Are our Preferred Inflation-Shielding Plays

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

Amid the war in Ukraine and the energy crisis, inflation in the eurozone reached 7.5% in April 2022. Unlike U.S. peers, European utilities have been outperforming in times of high inflation since 2000. This prevails as the sector is flat year to date, outperforming the market by 7%. We think this is fundamentally justified though the impact of inflation varies across the value chain. Power production boasts the best exposure given skyrocketing power prices. Inflation could hit the returns of some renewables projects but does not affect significant long-term growth potential. Energy networks' revenue is mostly indexed to inflation. Energy supply is the weakest spot against high inflation due to political risk and weak competitive advantages.

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Engie SA's Company Profile

Business Description

Engie is a global energy firm formed by the 2008 merger of Gaz de France and Suez and the acquisition of International Power in 2012. It changed its name to Engie from GDF Suez in 2015. The company operates Europe's largest gas pipeline network, including the French system, and a global fleet of power plants with 63 net GW of capacity. Engie also operates a diverse suite of other energy businesses.

1, place Samuel de Champlain
Courbevoie, 92400, France
T +33 144220000
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 171,474

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