Rankings Utilities & power Engie
Engie
72
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−5
- Debt−4
- ROIC−3
Strengths
- Raised guidance+2
- Regulated and contracted earnings+2
How the score is built
From 100 to 72, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 23.60 EUR
- Median analyst target
- 30.70 EUR
- Upside to median
- +30.1%
- Analysts
- 19
- Target range
- 24.50 – 33.80 EUR
- 52-week change
- +16%
- P/E (trailing)
- 14.4
- Forward P/E
- 11.3
- PEG
- 3.13
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −3ROICROIC 5.3% vs a WACC of 4.5%, i.e. only slightly above the cost of capital; ROCE has fallen from 9.5% in 2023 to 6.5% TTM.
- −3Quality of growthRevenue has fallen four years in a row (€93.9bn in 2022 to 70.6bn TTM). EBIT excluding nuclear rose 3% organically in H1, but excluding UK Power Networks and currency the rise was only €66m; according to management, the efficiency plan's €304m in H1 should not be extrapolated.
- −3Capital allocationThe purchase of UK Power Networks for about €19bn (closed 7/5/2026) was financed with a capital increase of €3.0bn, hybrid debt of €2.3bn and new debt; the share count rose 1.5% in a year, and purchases of €12.4bn in cash took net debt up by a third in half a year.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −5Multiples vs own historyForward P/E 11.2 vs 7.6–11.9 in 2021–2025 (upper part of the range), EV/EBITDA 8.3 vs 4.2–7.6 – above the top of its own history after taking on debt – and P/B 1.16 vs 0.75–1.33.
- −2FCF yieldFCF after leases of €1.7bn TTM, equal to about 3.0% of the market cap of €56.4bn; P/FCF 26 vs 6.7–14.7 in 2022–2024. Analysts expect €3.8bn in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4DebtEconomic net debt rose from €45.2bn to €60.3bn in H1 2026, and net debt/EBITDA is 4.2x – above the company's own ceiling of 4x; interest cover only 4.3x.
- −2Distribution above cash flowDividend of €4.4bn TTM vs. FCF after leasing of €1.7bn; the dividend equals 104% of net profit and was cut 8.8% for 2025.
- −2Belgian nuclear powerThe phase-out of Belgian nuclear power is pressing net profit, and the transfer of the nuclear activities to the Belgian state is still under negotiation (agreement in principle first aimed at 1 October 2026), so the terms are unknown.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Raised guidanceGuidance for 2026 net recurring income raised to €4.9–5.5bn from €4.6–5.2bn (+€300m at the midpoint) after H1.
- +2Regulated and contracted earningsInfrastructures EBIT rose 13%, UK Power Networks adds a regulated network with an RAV of €11.4bn, and most unregulated power positions are hedged for the rest of the year; 7 GW of PPAs with data centres.
Caveats
What the score does not capture, or where the data is weak.
FCF for 2025 (−€8.7bn) is distorted by a working capital item of −€14bn, presumably the transfer of the Belgian nuclear waste liabilities to the state; it has not been used as a deduction. Guidance and forward P/E are based on 'net recurring income' (adjusted); reported EPS TTM is €1.64. The French state owns about a quarter of the shares – mentioned, but not given points without a documented effect. Ofgem's regulation of UK Power Networks after 2028 and the credit rating have not been investigated.
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