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ELECTRICITÉ DE FRANCE

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Electricite de France : EDF shares rise on hopes for restructuring deal

04/27/2021 | 04:45am EDT
FILE PHOTO: The company logo for Electricite de France (EDF) is seen in Paris

PARIS (Reuters) - EDF shares were up more than 4% in early trading on Tuesday following a newspaper report saying that Paris and Brussels were close to a deal to restructure the French energy group, although it might not happen until the end of May.

Negotiations over how to separate EDF's nuclear arm from the rest of its activities and to fix the price at which it distributes energy to third parties have dragged on for months, with both sides initially looking at end-March as a deadline.

France is keen to pass any reform of EDF as soon as possible before the parliamentary calendar gets too busy in the latter part of the year, and campaigning for the next presidential election begins in 2022, sources have previously said.

Le Figaro newspaper reported on Tuesday that the European Commission and the French government had agreed on the need to move quickly. EDF shares had risen 4.55% to 12.06 euros by 0805GMT, with traders citing the report.

The newspaper added, without citing sources, that the Arenh fixed price at which EDF sells on nuclear power would be set at 49 euros a megawatt hour (MWh), up from 42 euros currently.

Unions including the CGT, which have met with the government in recent days, have also cited 49 euros as the likely new price.

France's economy ministry declined to comment. Talks between the French government and unions, which are fiercely opposed to the restructuring, arguing it will result in a break-up of EDF, are to continue next week.

The reform needs the green light from Brussels over possible state aid issues and whether the funding mechanism for EDF's nuclear arm is sufficiently ring-fenced from the rest of the business.

(Reporting by Patrick Vignal, Writing by Sarah White; editing by Emelia Sithole-Matarise)


© Reuters 2021
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Financials
Sales 2021 72 155 M 87 755 M 87 755 M
Net income 2021 2 768 M 3 366 M 3 366 M
Net Debt 2021 53 896 M 65 548 M 65 548 M
P/E ratio 2021 14,7x
Yield 2021 2,80%
Capitalization 36 569 M 44 445 M 44 475 M
EV / Sales 2021 1,25x
EV / Sales 2022 1,25x
Nbr of Employees 161 203
Free-Float 14,9%
Chart ELECTRICITÉ DE FRANCE
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Technical analysis trends ELECTRICITÉ DE FRANCE
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 13,96 €
Last Close Price 11,80 €
Spread / Highest target 56,8%
Spread / Average Target 18,3%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Christophe Salomon Group Chief Information Officer
Laurence Parisot Independent Director
Claire Pédini Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ELECTRICITÉ DE FRANCE-8.49%44 445
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E.ON SE16.62%33 495
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED8.32%31 604