Financials ENGIE

Equities

ENGI

FR0010208488

Multiline Utilities

Market Closed - Euronext Paris Other stock markets 11:35:04 2023-12-01 am EST			5-day change	1st Jan Change
16.05 ^EUR	+0.80%		+1.85%	+19.85%

Dec. 01	EDF's rivals have requested 130.41 TWh of nuclear power for 2024	RE
Nov. 29	Eon and Iberdrola now also favorites for Kepler Cheuvreux	DP

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	29 915	34 724	30 212	31 453	32 431	38 843	-	-
Enterprise Value (EV) ¹	51 015	60 624	52 670	56 116	56 485	67 268	75 434	78 927
P/E ratio	33,9x	42,4x	-17,6x	8,91x	167x	7,72x	9,10x	9,43x
Yield	5,99%	5,56%	4,23%	6,53%	10,5%	9,11%	7,54%	7,12%
Capitalization / Revenue	0,49x	0,58x	0,54x	0,54x	0,35x	0,43x	0,44x	0,45x
EV / Revenue	0,84x	1,01x	0,94x	0,97x	0,60x	0,74x	0,86x	0,92x
EV / EBITDA	5,52x	5,85x	5,68x	5,31x	4,12x	4,47x	5,32x	5,63x
EV / FCF	10,9x	36,7x	21,3x	42,4x	25,6x	60,2x	31,0x	42,5x
FCF Yield	9,21%	2,73%	4,70%	2,36%	3,91%	1,66%	3,23%	2,35%
Price to Book	0,84x	0,98x	1,05x	0,85x	0,95x	1,15x	1,08x	1,06x
Nbr of stocks (in thousands)	2 388 427	2 411 394	2 413 131	2 416 820	2 422 402	2 420 755	-	-
Reference price ²	12,5	14,4	12,5	13,0	13,4	16,0	16,0	16,0
Announcement Date	28/02/19	27/02/20	26/02/21	15/02/22	21/02/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	60 596	60 058	55 751	57 866	93 865	91 152	88 210	85 959
EBITDA ¹	9 236	10 366	9 276	10 563	13 713	15 035	14 190	14 031
EBIT ¹	5 126	5 726	4 441	6 513	9 045	10 169	8 932	8 708
Operating Margin	8,46%	9,53%	7,97%	11,3%	9,64%	11,2%	10,1%	10,1%
Earnings before Tax (EBT) ¹	1 264	2 289	-177	5 372	-1 876	6 327	6 182	5 808
Net income ¹	1 033	1 000	-1 536	3 661	216	5 052	4 228	4 085
Net margin	1,70%	1,67%	-2,76%	6,33%	0,23%	5,54%	4,79%	4,75%
EPS ²	0,37	0,34	-0,71	1,46	0,08	2,08	1,76	1,70
Free Cash Flow ¹	4 700	1 654	2 474	1 322	2 207	1 117	2 433	1 855
FCF margin	7,76%	2,75%	4,44%	2,28%	2,35%	1,23%	2,76%	2,16%
FCF Conversion (EBITDA)	50,9%	16,0%	26,7%	12,5%	16,1%	7,43%	17,1%	13,2%
FCF Conversion (Net income)	455%	165%	-	36,1%	1 022%	22,1%	57,6%	45,4%
Dividend per Share ²	0,75	0,80	0,53	0,85	1,40	1,46	1,21	1,14
Announcement Date	28.02.19	27.02.20	26.02.21	15.02.22	21.02.23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	32 978	16 870	14 389	15 608	10 999	25 596	17 571	26 177	24 521	17 848	14 770	21 148
EBITDA	5 321	3 224	2 199	2 209	2 931	4 640	-	3 183	-	-	-	-
EBIT ¹	3 166	2 065	1 024	1 027	2 397	3 530	1 703	2 003	1 809	2 736	1 370	-
Operating Margin	9,60%	12,2%	7,12%	6,58%	21,8%	13,8%	9,69%	7,65%	7,38%	15,3%	9,28%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	2 084	1 134	-	-	1 248	2 481	2 481	-	-2 333	-	-	257
Net margin	6,32%	6,72%	-	-	11,3%	9,69%	14,1%	-	-9,51%	-	-	1,21%
EPS ²	-	0,47	-	-	-	1,02	1,02	-	-0,96	-	-	0,11
Dividend per Share ²	-	-	-	-	0,85	-	-	-	-	-	-	0,29
Announcement Date	30/07/19	18/05/21	30/07/21	10/11/21	15/02/22	17/05/22	29/07/22	10/11/22	21/02/23	28/07/23	07/11/23	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	21 100	25 900	22 458	24 663	24 054	28 425	36 590	40 084
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2,28x	2,50x	2,42x	2,33x	1,75x	1,89x	2,58x	2,86x
Free Cash Flow ¹	4 700	1 654	2 474	1 322	2 207	1 117	2 433	1 855
ROE (net income / shareholders' equity)	6,84%	7,55%	5,49%	11,1%	14,7%	15,8%	12,6%	11,4%
Shareholders' equity ¹	15 094	13 249	-27 973	32 970	1 473	31 995	33 557	35 821
ROA (Net income/ Total Assets)	1,62%	1,73%	1,09%	1,93%	2,27%	1,63%	1,79%	1,61%
Assets ¹	63 844	57 680	-141 176	189 258	9 529	309 345	236 384	252 961
Book Value Per Share ²	14,8	14,7	12,0	15,3	14,2	13,9	14,8	15,2
Cash Flow per Share ²	3,27	3,37	3,13	3,01	3,55	5,76	4,81	4,51
Capex ¹	6 202	6 524	5 115	5 990	7 858	11 191	11 266	10 885
Capex / Sales	10,2%	10,9%	9,17%	10,4%	8,37%	12,3%	12,8%	12,7%
Announcement Date	28/02/19	27/02/20	26/02/21	15/02/22	21/02/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ENGIE

Trading Rating :

Investor Rating :

ESG Refinitiv :

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.05EUR

Average target price

18.17EUR

Spread / Average Target

+13.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Multiline Utilities

	1st Jan change	Capi.
ENGIE	+19.85%	42 189 M $
ABU DHABI NATIONAL ENERGY COMPANY	-7.58%	97 053 M $
E.D.F.	-.--%	51 547 M $
NATIONAL GRID PLC	+3.57%	48 291 M $
SEMPRA	-5.27%	46 067 M $
ACWA POWER COMPANY	+50.66%	44 629 M $
UNIPER SE	+45.87%	34 152 M $
EON SE	+28.88%	34 108 M $
RWE AG	-4.42%	32 096 M $
PUBLIC SERVICE ENTERPRISE GROUP, INC.	+3.51%	31 603 M $

Other Multiline Utilities