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Morningstar’s Analysis

Valuation
Currency in EUR
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5-Star Price

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Economic Moat

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Capital Allocation

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Engie Strengthens Iberian Renewable Footprint by Acquiring Eolia; FVE Maintained

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We maintain our EUR 15.50 fair value estimate for no-moat Engie after the company and Credit Agricole Assurances reached an agreement to acquire Spanish private renewables developer Eolia from Alberta Investment Management. We think the rationale of the deal is sound and the shares are undervalued.

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Company Profile

Business Description

Engie is a global energy firm formed by the 2008 merger of Gaz de France and Suez and the acquisition of International Power in 2012. It changed its name to Engie from GDF Suez in 2015. The company operates Europe's largest gas pipeline network, including the French system, and a global fleet of power plants with 63 net GW of capacity. Engie also operates a diverse suite of other energy businesses.

Contact
1, place Samuel de Champlain
Courbevoie, 92400, France
T +33 144220000
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 172,703

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