EDF: Oddo confirms rating after sale of Edison E&P
(CercleFinance.com) - Edison, an Italian subsidiary of EDF, has announced the signing of an agreement for the sale of Edison Exploration and Production (E&P) to Energean Oil and Gas.
This sale will be made at an estimated price of 1 billion dollars, including a price supplement.
Following this announcement, Oddo confirms its buy rating on the EDF share, maintaining its target price at 16.50 euros.
Oddo says that Edison's E&P portfolio is focused on the Mediterranean, essentially consisting of gas fields.
An asset write-down of 400 million to 500 million euros at the group level is expected, which would result in a fair value adjustment of -0.15 euro per EDF share, the broker adds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.