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.
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.