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GDF Suez published better than expected 1st half 2010 results. These figures were mostly disregarded by the market because the company announced that the merger with International Power had been agreed, creating a new entity with a capacity of more than 20,000 MW. The market focused on this news. After reporting a fall, the share is now in line with its sector. PLUS
We met the group’s Investor Relations team in Paris. Detailed analysis of the Ebitda elements confirms that forecasts for 2011 are particularly cautious. Comments on the dividend trend are less negative than the indication given when the annual results were published. PLUS code confirmed.
GDF SUEZ has assets of excellent quality and strong positions in natural gas and electricity. Thanks to the quality of its balance sheet, the group is one of few in Europe with the ability to pursue massive investment which should generate above-average future growth, while still providing attractive remuneration for its shareholders.
GDF Suez published results relatively in line with expectations. All the “Energy” divisions increased their profitability except for Global Gas/LNG, as expected. However, the dividend is just 5% higher and the Ebitda target for 2011 has been revised downwards. We think this revision goes too far. In terms of its fundamentals, however, GDF Suez remains the general European utility whose growth comes at the lowest price and with a stronger balance sheet. The news flow is also set to improve gradually. PLUS code confirmed.
GDF SUEZ has assets of excellent quality and strong positions in natural gas and electricity. Thanks to the quality of its balance sheet, the group is one of few in Europe able to pursue massive investment which should generate above average growth in the future while providing attractive returns to its shareholders.
1st half results published by GDF Suez were in line with expectations. The Global Gas and LNG division reassured the market. The political and tariff environment is reverting to normal in Belgium and France. The industrial program is continuing, the balance sheet structure remains excellent and the company is looking after its shareholders. PLUS code confirmed.
Yesterday afternoon, GDF SUEZ published better than expected 1st quarter results. Targets for 2009 should easily be achieved. The debt level is low, but fell slightly despite the continuation of an investment plan which gives the group a long-term growth capacity above the sector average with a valuation in line. PLUS code confirmed.
GDF Suez has excellent assets and strong positions in the gas and electricity sectors. Thanks to its sound balance sheet, the group is one of the few in Europe able to pursue a massive investment plan, generating better than average future growth, while at the same time offering attractive and reliable shareholder remuneration.
GDF SUEZ has published 2008 results which are consistent with its previous commitments, although slightly lower than expected. The 2010 target has been delayed until 2011, but increased further. The balance sheet is sound and cash flow secure. The investment plan has therefore been confirmed, so giving the group better long-term growth capability than the average for comparable companies, while its valuation remains in line. PLUS code confirmed.
Yesterday, GDF SUEZ organised its 1st Investor Day since the merger. A new performance plan has been launched, enabling the 2008 and 2010 targets to be confirmed, despite the deteriorating market environment. Like all European energy suppliers, the group is increasingly exposed to the risk of political pressure on pricing but also offers the best profile (apart from the regulated Utilities) to outlive the crisis. PLUS code maintained.
GDF SUEZ has published good figures for the first nine months of 2008. Profitability is advancing in line with sales and the annual target is likely to be achieved easily. The group has one of the most robust financial structures in its sector; it should announce more details on the scale of the synergies anticipated from the merger and might raise its 2010 targets by the end of November. PLUS code confirmed.
The GDF Suez share has lost 28% since 1 October, underperforming the Utilities sector which is itself under heavy attack (-19%). Besides the technical phenomenon of redemptions, fears are being expressed over issues of financing and the introduction of regulated electricity tariffs in Belgium. GDF Suez is the only Utility in Europe able to finance its entire investment plan and pay dividends announced until 2010 without increasing its debt, which is in any case low. The freeze on electricity tariffs in Belgium is equivalent to just 1% of the 2009e Ebit. PLUS code confirmed.
GDF Suez has excellent assets and strong positions in the gas and electricity sectors. The recent merger will enable one billion euros to be generated from synergies in the medium term. The group benefits from financial capacities which will enable it to put in place a substantial investment plan, thus strengthening its growth profile, while pursuing an extremely attractive shareholder remuneration policy.
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