EDF released a mixed set of results. The 2018 results were strong (11.1% organic growth in EBITDA) as hedged prices started to reflect the rebound in European power prices in early 2016. However, the group gave a cautious 2019 outlook, below market expectations, due to competitive pressure in the retail activities, uncertainty around nuclear output (FR+UK) and higher comparatives. We stick to our negative recommendation.
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Robust 2018 results, lower 2019 voltage
- Published:
15 Feb 2019 -
Author:
Edouard Enault -
Pages:
3
EDF released a mixed set of results. The 2018 results were strong (11.1% organic growth in EBITDA) as hedged prices started to reflect the rebound in European power prices in early 2016. However, the group gave a cautious 2019 outlook, below market expectations, due to competitive pressure in the retail activities, uncertainty around nuclear output (FR+UK) and higher comparatives. We stick to our negative recommendation.