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EdF (Electricite de France)

EDF is one of the largest quoted utilities in Europe with a current market cap of €45.2 bn (20 Sep 2018) and the largest nuclear generator in the world with 58 nuclear units in France and a total installed nuclear capacity of 63GW. EDF is 83.5% owned by the French State which is legally required to hold a minimum stake of 70%. EDF is vertically integrated and geographically diversified being present throughout much of Europe. However France is its core market (~70% of consolidated EBITDA in FY17). EDF has a net installed capacity of around 135GW globally of which some 98GW is in France and serves 37mn customers worldwide (28mn in France). EDF's global net production in 2017 was around 616TWh with 567TWh in Europe and 444TWh in France. Outside France, EDF has strong positions in the UK (with EDF Energy) and Italy (with Edison). EDF intends to build 4 new reactors (EPRs) in the UK, and has received agreement from the UK government for the two-reactor (3,200MW) Hinkley Point C plant. but its plans in the US are on hold after CEG exited nuclear JV Unistar and EDF has the option (from the start of 2016) to put its CENG investment to Exelon. (20 Sep 2018)

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EDF: To Remain An Integrated Group

Worth Watching: 27 Nov 2018, 2:23 PM ET - EDF (A3/A-): French Ecology Minister Francois de Rugy has stated that France wants EDF to remain an integrated group, ruling out the prospect of a company split. We have been getting numerous questions from clients about a potential business sp ..

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
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EDF: 9M18 Revenues Up 7%

Worth Watching: 13 Nov 2018, 8:58 PM ET - EDF (A3/A-) reported a 7% rise in 9M18 revenues to €49.6 bn mainly on the back of higher French nuclear production and the first time consolidation of Framatome. On an organic basis, excluding scope changes and FX, revenue would have risen by 5 ..

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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EDF: The Nuclear Option

Company Analysis: 21 Oct 2018, 10:35 PM ET - There are press reports that the French government is seeking advice on possibly splitting EDF, but at this stage a split is speculation and in our view the most likely outcome is that EDF remains substantially in its current form.
Focused

EDF: Hybrid Tender And New Issue

IG Note: 25 Sep 2018, 5:05 AM ET - EDF is in the market with a hybrid tender and new issue. IPT on the new issue is 4.25% area and we would likely be buyers down to about 4%, which we see as a 50 bps new issue concession.
Focused

EDF: In The Market With A Three Tranche USD Issue

Worth Watching: 18 Sep 2018, 12:18 PM ET - EDF (A3/A-) is in the market with a 144A/Reg S USD three tranche issue which is expected to price today. The three tranches are 10 year, 20 year and 30 year, with IPT respectively at T+160 area, T+190 area and T+200 area. All issues are expecte ..

UK Utilities: Price Cap Relief

Worth Watching: 06 Sep 2018, 9:38 AM ET - UK Utilities : On 6 September Ofgem released its delayed consultation document on the UK tariff cap: and the market breathed a sigh of relief. I am currently out of the office on holiday and so any exhaustive analysis will need to wait until my ..

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.

China General Nuclear: $ and € Bond Roadshow

IG Note: 28 Aug 2018, 9:04 PM ET - The state-owned nuclear power company is meeting investors in Asia and Europe this week. 
Focused

EDF 1H18: Scores On The Rebound!

Earnings Note: 31 Jul 2018, 8:07 PM ET - EDF lived up to its promises and 1H18 results showed the forecast rebound with EBITDA up by 18% to €8.2 bn. However the major unresolved questions remain and we maintain our Market perform view.
Focused

EDF: Chinese May Be Looking For BE Stake

Worth Watching: 09 Jul 2018, 5:17 AM ET - EDF: Over the weekend the UK press (The Sunday Times) reported that China General Nuclear Corp (CGN) has approached EDF and Centrica about acquiring 49% of the old British Energy (BE). EDF acquired BE, which owns and operates eight nuclear pla ..
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Euro HY Conference 2018: Hybrids - BB or Not BB

Transcript: 19 Jun 2018, 10:54 PM ET - At our Euro HY conference in London and Zurich last week we looked at whether BB investors should be looking at BB rated hybrids.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 
Focused

EDF: Generally Uneventful 1Q18

Worth Watching: 09 May 2018, 9:16 PM ET - EDF (A3/A-): The EDF 1Q18 revenue call was generally uneventful although it did show an improvement in organic revenues in the first quarter across all businesses. Consolidated group revenue rose by 4% to €20.4 bn. EDF introduced IFRS 15 (reven ..
Focused

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 
Focused

EDF: Weld Defect At Flamanville

Worth Watching: 10 Apr 2018, 5:38 AM ET - EDF (A3/A-) announced on 10 April that it had detected "quality deviations" on certain welds of the main secondary system of the new Flamanville 3 nuclear plant. The company states that "In accordance with industrial procedures, the welds h ..

UK Utilities: Price Cap Bill Before Parliament

Worth Watching: 27 Feb 2018, 9:05 PM ET - UK Utilities : The Bill that will cap domestic energy tariffs got its first reading before Parliament on the 26 Feb. This is the Bill that intends to put the legislation in place to cap tariffs for customers on a default standard variable tarif ..

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