FY20 figures were mainly impacted by already known elements: COVID-19-related impact on volumes (€1.2bn at the COI level) and FX fluctuations (€0.4bn), but EBITDA and COI were respectively 3.3% and 5.7% above expectations. However, the proposed dividend of €0.53/share is well below our current model (but roughly in line with the consensus). Even if FY21 guidance is slightly below market expectations, we confirm our positive view – based on the expected growth in renewables.
01 Mar 2021
FY 20 results - in line
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FY 20 results - in line
Engie (ENGI:EPA), 0 | ENGIE SA. (ENGI:PAR), 0
- Published:
01 Mar 2021 -
Author:
Auguste DERYCKX LIENART | Nicolas Bouthors -
Pages:
3
FY20 figures were mainly impacted by already known elements: COVID-19-related impact on volumes (€1.2bn at the COI level) and FX fluctuations (€0.4bn), but EBITDA and COI were respectively 3.3% and 5.7% above expectations. However, the proposed dividend of €0.53/share is well below our current model (but roughly in line with the consensus). Even if FY21 guidance is slightly below market expectations, we confirm our positive view – based on the expected growth in renewables.