Engie: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Engie shares, with a target price raised from E16.
5 to E18 after Engie published H1 results, on Friday, that exceeded Oddo BHF's expectations.

EBIT including nuclear came in at E6,393m (-8%), above analyst expectations (E5,994m), and recurring net income (group share) stood at E3.8bn (-6.1%) against E3,291m expected by Oddo BHF.

All divisions posted results in line with or ahead of our expectations, the broker acknowledges, which has raised its estimates for Renewables, Flexible Generation and Retail on the basis of H1 performance.

Our EBIT assumption (excluding nuclear) is thus raised to E8547m (vs. E7960m previously) in the new guidance E8.2bn-E9.2bn, the broker concludes.

Oddo BHF believes that Engie is currently valued at a 20% discount to the index on the basis of its normalised results (2026).


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