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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Electricité de France    EDF   FR0010242511

ELECTRICITÉ DE FRANCE

(EDF)
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Electricite de France : French power group EDF sees 2020 earnings at lower end of forecasts

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03/23/2020 | 03:45am EDT
A logo of French electric company EDF is seen at an office building in La Defense business district in Courbevoie near Paris

French state-controlled power group EDF said on Monday it now expected its 2020 core earnings to be at the lower end of forecasts, as it deals with the impact of the coronavirus outbreak.

EDF said disruption to production caused by employees having to stay away from worksites meant EDF would be lowering its previous 2020 target of 375-390 terawatt hours (TWh) of nuclear production in France.

It added that it was keeping its 2020 target for core earnings of 17.5-18 billion euros ($18.7-$19.3 billion), although this was now expected to come in at the lower end of that range.

EDF added it had the financial and operationalcapacity to deliver the necessary power in all scenarios currently contemplated in France.

"The group has a strong liquidity position, with 22.8 billion euros of liquidity at end-2019. In addition, the group has confirmed and fully undrawn revolving lines of credit for a total amount of 10.3 billion euros," EDF said.

It added that the impact of the current crisis on its 2021 power generation performance could not be precisely assessed at this stage.

"The ongoing redefinition of the (nuclear reactor) outages? schedule, which aims primarily at maximising availability for the 2020-21 winter period, may however have a negative impact on 2021 output," EDF said.

"Similarly, the drop in power prices on wholesale markets may have a significant impact at year-end on the leverage ratio," it said.

European wholesale power prices have tumbled to their lowest levels since February 2018, tracking the fall in prices across the global energy complex led by oil and carbon emissions prices.

The benchmark European year-ahead power contract, Germany's Cal'21, extended its fall in early trade on Monday, down over 3% at 33.55 euros a megawatt hour (MWh), while the similar French price lost 2.6% at 37.20 euros/MWh.

(Reporting by Bate Felix and Sudip Kar-Gupta, editing by Louise Heavens, Kirsten Donovan)

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Financials (EUR)
Sales 2020 72 620 M
EBIT 2020 7 078 M
Net income 2020 2 638 M
Debt 2020 50 015 M
Yield 2020 4,67%
P/E ratio 2020 10,1x
P/E ratio 2021 10,1x
EV / Sales2020 1,03x
EV / Sales2021 1,07x
Capitalization 24 808 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 12,02  €
Last Close Price 8,01  €
Spread / Highest target 150%
Spread / Average Target 50,1%
Spread / Lowest Target -17,8%
EPS Revisions
Managers
NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Senior Executive Vice President-Group Finance
Christophe Salomon Head-Information Systems
Jacky Chorin Director
Jean-Paul Rignac Director
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