Rankings Oil & gas La Française de l'Énergie
La Française de l'Énergie
58
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−7
- Debt and leverage−7
- Hedging loss−6
Strengths
- Public support and exclusive hydrogen licence+2
How the score is built
From 100 to 58, 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
- 18.60 EUR
- Median analyst target
- 33.00 EUR
- Upside to median
- +77.4%
- Analysts
- 3
- Target range
- 29.00 – 48.00 EUR
- 52-week change
- −47%
- P/E (trailing)
- 36.4
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−18 of −30
- −7MarginOperating margin has fallen from 58.6% (2022/23) to 44.6%, 30.7% and 28.5% (TTM), and net margin is 8%. Analysts expect a net loss of about EUR 10.7m for 2025/26 after the hedging losses. Interest cover is only 1.4x.
- −5Quality of growthRevenue has stalled: EUR 39.2m (2022/23), 31.5, 30.4 and 29.1m (2025/26, -4%). Gas sales rose 14%, but power income fell with market prices. The target of over EUR 175m in revenue in 2030 requires a sixfold increase.
- −5Capital allocation / ROICROIC is 3.6% and ROE 2.5%. Investments (EUR 38m TTM) are far above operating cash flow (16m), so FCF is −23m, and debt has doubled from EUR 68m to 131m in two years.
- −1MoatExclusive concessions on gas from coal mines in Lorraine, Hauts-de-France and Belgium and an exclusive licence on natural hydrogen (Trois Évêchés) give a local moat, but the scale is small, and a large part of sales follows market prices.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Price vs own history and peersP/B is 0.91 vs 1.4–4.2 in 2021–2025, but EV/EBITDA is 12.7 (8.4–19 historically) and P/E 35, because debt has grown and earnings have fallen. The stock is cheaper than before, but not cheap vs utility and biogas companies (typically 8–12x EBITDA).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −7Debt and leverageTotal debt EUR 130.8m vs cash of 51.6m (31/12/2025), net debt/EBITDA about 5.9x and interest cover 1.4x. The green bond of EUR 40m from 2021 (7 years) matures in 2028, and the investment programme requires more financing.
- −6Hedging lossOn 16/7-2026 FDE reported a realized loss of 3.8 m EUR on hedging transactions and a mark-to-market adjustment of −6.7 m EUR on open positions, about 10.5 m EUR in total vs revenue of 29 m. The stock fell 14% and then 9.5%.
- −4Hydrogen is unprovenA large part of the value rests on natural hydrogen: concentrations up to 49.6% measured in the Lorraine well (June 2026) with a production target for the end of 2028. There are as yet no certified resources, no flow rate tests and no commercial model.
- −2Small free floatOnly about 3.6m shares are free float (insiders own 16%), and the price fell from EUR 41.30 (24/6) to under EUR 19 with no new company news in August and September; the stock is very sensitive to a few sellers.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Public support and exclusive hydrogen licenceExclusive licence on natural hydrogen (Trois Évêchés) for 5 years from 28/1-2026 and EUR 8.8m in support from the Grand Est region and the EU for drilling and extraction technology (December 2025).
Caveats
What the score does not capture, or where the data is weak.
FDE is NOT in restructuring (no sauvegarde or redressement), so the ordinary penny calibration is used. The share price is 18.94 EUR (Nordnet 1/10) and 17.76 EUR according to stockanalysis on 2/10. The market cap is calculated at 100.2 m EUR (5.29 m shares × 18.94 EUR, about 748 m DKK) vs Nordnet's 782 m DKK. The fiscal year ends 30/6; the balance sheet and cash flow are from the half-year at 31/12-2025, and the audited annual report for 2025/26 comes on 20/10-2026. The share price drop from 41.30 EUR (24/6) is partly due to hedging losses in July, but the drop from about 26 EUR to under 19 EUR in August and September has no company news that I have been able to find. The debt maturity profile is only partly known (green bond of 40 m EUR from 2021 with a 7-year term and 60 m EUR from 2024 with Edmond de Rothschild AM). Industry: gas from coal mines (CMM), power and biomethane, set to Energy: oil & gas; cyclical, because about half of power sales and gas sales follow market prices. Insider trades and short interest have not been examined. Peer figures are approximate.
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