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Electricite de France SA EDF Stock Quote

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Morningstar‘s Stock Analysis EDF

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EDF Reports Poor First-Half Results, Lowers its 2022 Guidance; Shares Driven by Risk Arbitrage

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

No-moat Electricite de France released weak first-half results because of its short electricity position, driven by its French nuclear plants' outages, and the regulatory increase in volumes it must sell at cheap prices to its competitors. The group increased its estimate of the full-year impact of these headwinds due to soaring power prices. All in all, we maintain our EUR 12 fair value estimate, aligned with the tender offer price from the French government. Shares are driven by risk arbitrage. 

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Key Statistics EDF

Company Profile EDF

Business Description

Electricite de France is one of the world's largest energy companies, controlling the French power grid along with a massive global generation fleet. Its French nuclear fleet comprises 58 plants. It operates the largest power supply business in France, which acts as a broker between generators and retail end users, is a major renewable developer, and holds stakes in other energy businesses globally, including a small but growing Chinese footprint. With the acquisition of Areva's nuclear reactor unit in 2017, EDF became an integrated nuclear developer.

22-30, Avenue de Wagram
Paris, 75382, France
T +33 552081317
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 163,423

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