Engie SA

ENGI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€69.00	Zpwv	Bslksmjpn

Engie Sets 2025 Guidance Above Expectations With Dividend Too Juicy To Be Snubbed; Shares Cheap

Tancrede Fulop

Feb 21, 2023

We don't expect to materially change our EUR 18 fair value estimate after no-moat Engie posted record 2022 profits and set 2025 guidance above our estimates and consensus. The firm will pay a EUR 1.4 dividend on 2022 earnings, 65% higher than in 2021, implying a 10% yield. Normalization of profits expected in 2023 points to a EUR 1.08 dividend, still implying a juicy 7.9% yield, reflecting the material undervaluation of the shares.

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