Engie: Positive news from Belgium?

BUY, Fair Value EUR21 (+30%)
News published on November Friday 13, 2015
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Yesterday during market, VRT, a Belgium TV channel reported on its website both Doel 3 & Tihange 2 Belgium nuclear reactors, owned predominantly by Electrabel (Engie), could restart before the end of the year following potential positive authorisation given by the Belgium Federal Agency for Nuclear Control (FANC). This news has not been confirmed either by Engie or FANC, yet if confirmed it would imply: 1/ our 2016 earnings growth expectation is not at risk and 2/t he EUR1/share dividend could now be seen as a safe and secured dividend. Positive. We stick to our Buy rating with FV and estimates unchanged at EUR21 given we already integrated a production restart in January 2016.

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