Engie SA

ENGI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€14.00	Jvq	Ftcpdtc

Engie Earnings: 2024 Guidance Raised, Which Implies a Juicy Dividend; Shares Undervalued

Tancrede Fulop

Aug 2, 2024

We confirm our EUR 18 fair value estimate after no-moat Engie raised its 2024 current net income guidance by 18% or EUR 800 million on the back of solid first-half results and higher financial income. Assuming that the 2024 dividend is based on a 65% payout ratio, in line with last year and at the lower end of the 65%-75% guidance range, this points to a EUR 1.43 dividend per share, in line with last year and implying a 9.8% yield reflecting the undervaluation of the shares.

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