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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.

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.
Focused

Suez: Positive Revenue Momentum In 3Q18

Worth Watching: 30 Oct 2018, 5:38 AM ET - Suez (NR/A-) gave a solid 9M18 update showing an acceleration in quarterly organic revenue growth (the highest quarterly revenue growth since 3Q11) and a reconfirmation of its FY18 guidance. 3Q18 organic revenue growth was 5.4%, while 9M18 orga ..

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.
Focused

Suez 1H18: Sees Positive Trends

Earnings Note: 26 Jul 2018, 2:11 PM ET - Suez reported a good set of 1H18 results and reconfirmed 2018 guidance. But, more encouraging than the numbers were Suez’s positive comments around the business environment and around the integration of GE Water. We maintain our M/P view.

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.

Engie FY17: Ready for Growth

Earnings Note: 08 Mar 2018, 12:05 PM ET - The Engie results were an upbeat affair with guidance met and strategy being delivered. We like the company but the bonds offer little relative value and we maintain our Market perform view.

Engie: Reportedly Considering "Big Acquisitions"

Worth Watching: 06 Mar 2018, 3:12 PM ET - Engie (A2/A-) has been reported on Reuters as looking at "big acquisitions" with CEO Isabelle Kocher reportedly "cautiously" considering bigger deals to boost earnings. We wrote in our 2018 Euro Utilities outlook that we expect declining profi ..
Focused

Suez: FY17 - Action Plan For Increased Growth

Worth Watching: 01 Mar 2018, 9:34 PM ET - Suez (A3/NR) reported FY17 results that were generally in-line with market expectations after the January profit warning, and 2018 targets were reconfirmed. In 2017, Suez reported revenue up by 4% (organic growth of 1.5%) to €15.9 bn, EBIT up 0 ..

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.
Focused

Suez: Underlying Trend Improving in 1H17

Worth Watching: 27 Jul 2017, 7:10 AM ET - Suez (A3/NR): The Suez 1H17 results contained two main anomalies. The largest was the net debt which declined to €€6.9 bn from €8 bn at the end of 2016, and which gave a net debt/LTM EBITDA ratio of 2.6x (Suez targets a ratio of ~3.0x). The oth ..

UK Utilities: Tough Price Controls Ahead

Sector Analysis: 18 Jul 2017, 10:42 PM ET - Last week both Ofwat and Ofgem came out with consultation documents for their next regulatory periods. One thing is clear, the customer is the focus and the allowed cost of capital is going to be lower.

Euro Utilities: EVs Not A Big Demand Driver

Sector Analysis: 12 Jul 2017, 9:00 PM ET - When utilities talk about increasing demand from EV’s they are largely deluding themselves, at least in the medium term. 2020 goals for EV penetration will only increase electricity use by about 1% in European countries.

Vattenfall: The Heat Is On

Company Analysis: 21 Jun 2017, 9:50 PM ET - Vattenfall’s Heat business contributes about 25% of EBITDA, but it is not a business that typically receives much attention. We look at the heat sector in Europe and Vattenfall’s Heat business.

Euro Utilities: Talkin' Bout My Generation 2017

Sector Analysis: 15 Jun 2017, 10:32 PM ET - We focus on the 2016 generation portfolios of the major European utilities in our annual look at this business segment, which still, on average, makes up more than a third of company EBITDA.
Focused

Suez: Starts Capital Increase For GE Water

Worth Watching: 16 May 2017, 11:35 PM ET - Suez (A3/NR): Following its agreement to buy GE Water, and after its €600 mn hybrid issue, Suez announced on 16 May that it moved to a further phase in the funding of the acquisition by launching a €750 mn capital increase (without shareholders ..

UK Utilities: Uncertainty Up, Cut Centrica & SSE

Sector Analysis: 11 May 2017, 10:03 PM ET - We cut both Centrica and SSE to Underperform as political uncertainty rises for the UK utilities.

UK Utilities: Price Caps Rear Their Ugly Head

Sector Analysis: 24 Apr 2017, 7:34 PM ET - Uncertainty in the UK energy market is rising with further talk of price caps, but no details have yet been disclosed.

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