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Engie SA ENGI Stock Quote

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Morningstar‘s Stock Analysis ENGI

Currency in EUR
Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Engie Releases Strong H1 Results, Points to Upside to Its 2022 Guidance; Shares Cheap

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We plan to tweak upward our EUR 16.5 fair value estimate after no-moat Engie released strong first-half results and conservatively maintained its 2022 guidance while pointing to material upside should current power prices persist. The group has also materially reduced its exposure to Russian gas. This print confirms our view that the firm is one of the main beneficiaries of skyrocketing power prices among European utilities, while its exposure to Russian gas is overestimated by the market. Shares are materially undervalued as evidenced by a 2022 P/E of 6 assuming current forward power prices persist. In this case, the low end of the payout guidance involves a dividend of EUR 1.2, implying a 10% yield. 

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Key Statistics ENGI

Company Profile ENGI

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
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 171,474

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