Oddo BHF confirms its 'outperform' rating on Engie shares, with a price target raised from 16.5 to 18 euros after Engie published half-year results on Friday that exceeded Oddo BHF's expectations.

EBIT including nuclear came in at 6,393 ME (-8%), above analyst expectations (5,994 ME), and recurring net income (group share) stood at 3.8 MdE (-6.1%) against 3,291 ME expected by Oddo BHF.

All divisions posted results in line with or ahead of our expectations", acknowledged the broker, who raised his estimates for Renewables, Flexible Generation and Retail on the basis of H1 performance.

Our EBIT assumption (excluding nuclear) is thus raised to 8547 ME (vs. 7960 ME previously) in the new guidance 8.2-9.2 MdsE', concludes the research firm.

Oddo BHF believes that Engie is currently valued at a 20% discount to the index on the basis of its normalized results (2026).

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