We expect Engie to post a poor 9M-15 earnings performance (on November 4th), as anticipated, due to higher than average outage in Belgium nuclear, lower commodity prices and lower favourable FX effect than in H1-15. All in all, we forecast a 6.9% YoY EBITDA decline to EUR8.15bn, explaining our annual EBITDA YoY decline of 6.2% we expect for 2015. We expect Engie will confirm its 2015 targets yet believe the earnings posted will be in the very low of the range. It is a long-term Buy!
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