Engie: We are trimming our 2015 estimates following update on D3-T2 restartBUY-Top Picks, Fair Value EUR21 (+50%)
We have updated our model to reflect the latest info on the D3-T2 restart and then delayed the restart from November 1st to January 1st 2016, negatively impacting our 2015 EBITDA by 0.7%. No change to our 2016 estimates.We confirm our Buy rating given that the current earnings adjustments implied by the market (reverse dividend yield model) are, in our view, very pessimistic; they assume a further gas price decline to EUR18/MWh or a Brent below USD30/barrel while futures say otherwise. Buy, with FV at EUR21/share.
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