Earnings Outlook2024 is expected to be a transitional year, with EBITDA projected to decline 4-11% amidst weaker demand and/or prices of gas and power.
Economic FactorsThe recent share price dislocation provides an entry opportunity for investors, with Engie's negative exposure mostly limited to macro factors.
Market RisksPrice declines of natural gas & power, further margin compression in the renewables, as well as further nuclear charge & provisions could pose downside to earnings.