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Engie: Oddo raises target price

( - Oddo has organised a meeting with Engie's management, after which it believes that growth in its client solutions business remains upbeat.
It notes that after a difficult Q1, performance in Q2 has recovered and the outlook for 5%-9% EBIT growth in 2019 seems credible for the group.

The broker says that legislation provides for a review of the amount of nuclear provisions every three years, with the next review due in Q4 2019. Given the recent fall in rates, we believe that the regulator will adjust discount rates by 50 bp. On average, it estimates that this revision will lead to a 2.7-billion euro increase in provisions in 2019.

Analysts believe that Engie's valuation does not correctly reflect its medium-term outlook. They note that the share is still trading at a 15.0% discount relative to its sector.

They say that the share remains a good candidate for a Value investor, with its 5.7% yield seeming attractive. Oddo hence confirms its buy rating on the share, nudging up its target price to 16 euros (instead of 15 euros).

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