Engie: Oddo raises target price

(CercleFinance.com) - Oddo maintains its outperform rating on Engie shares, adding a euro to its target price, from 17 euros to 18 euros.


The broker reports that Engie's 2022 results, published yesterday, are in line with guidance, although just above expectations.

EBITDA increased 27% organically to E13,665m (vs. guidance of E13.2-14.2bn), while Oddo and the consensus were expecting E13,349m and E13,320m respectively.

Engie has raised its guidance for 2023-24, with EBIT expected to be E6.6-7.6bn in 2023 and E7.2-8.2bn in 2024, with recurring net profit expected to be E3.4-4.0bn in 2023 and E3.8-4.4bn in 2024.

In this context, analysts have raised their earnings estimate - partly on the basis of the acceleration of the capex plan from E22-24bn over 2021-23 to E29-33bn over 2023-25, Oddo notes.


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