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Electricite de France SA EDF

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Morningstar’s Analysis

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Cutting EDF's FVE to EUR 12 From EUR 13.7 on Outages and Political Intervention, Shares Undervalued

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We cut our fair value estimate to EUR 12 from EUR 13.7 for EDF by incorporating recent political intervention and nuclear outages. The harsh intervention of the French government to limit the rise in electricity bills was largely unexpected. Still, we view the recent pullback as excessive and shares as undervalued. The group is positively exposed to higher interest rates thanks to its large provisions and high power prices in the long run.

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Company Profile

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
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 161,203