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[waldron] 13/12/2012 08:04

Czech-Slovak EPH Expects to Close GDF, E.ON Slovak Gas Deal in January
By Leos Rousek
Published December 12, 2012
Dow Jones Newswires
Energeticky a Prumyslovy Holding, or EPH, a Czech-Slovak privately-held fund focused on energy and industrial investments, Wednesday said it expects to complete the purchase of a 49% stake in Slovakia's gas utility Slovensky Plynarensky Priemysel AS, or SPP, from the French-German consortium of GDF Suez SA (GSZ.FR) and E.ON SE in January.

"The signing of contractual documents is expected in the next few days," EPH spokesman Martin Manak said in a statement. "The final settlement of the transaction is possible during January, 2013."

Financial details regarding the transaction haven't been disclosed, but analysts estimate that EPH may have paid about 2.5 billion euros ($3.24 billion)for the minority stake in SPP. EPH is co-owned by Petr Kellner, the Czech Republic's wealthiest citizen.

Earlier Wednesday the Slovak government, which owns the majority 51% of SPP, approved the divesture of the company which operates the Slovak section of the natural gas pipeline connecting Russia and Western Europe. GDF and E.ON hold management rights over the Slovak gas utility despite being its minority owner and needed the Slovak government's approval for the sale.

SPP also operates in the Slovak natural gas and electricity distribution markets, making it the country's largest energy company.

The transaction shows how mature and financially strong Central European investors have become since the collapse of Communism in 1989. It also indicates that similar transactions using home grown capital to replace foreign investment are likely to follow.

Other western European energy groups are also looking to divest from their ventures in Central Europe due in part to the pressure of the stalling economies in Western Europe amid the ongoing euro-zone debt crisis. Germany's RWE AG (RWE.XE) is currently in the process of selling its Czech long-distance gas pipeline operator Net4gas, which links to the SPP-owned transmission network.

EPH is expected to bid for Net4gas, persons familiar with the transaction have said on condition of anonymity because the deal is still ongoing. Mr. Manak also declined to comment.

The persons close to the transaction have said that EPH have always sought to close its SPP transaction before looking into other gas pipeline deals. Bids for Net4gas are expected to be in the region of EUR1.4 billion, local analysts said.

Write to Leos Rousek at [e-mail]

Go to for the new WSJ and Dow Jones blog on Central and Eastern Europe, covering business, politics, society and more, written by our correspondents across the region.

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[grupo guitarlumber] 12/12/2012 16:51

Credit Suisse laisse néanmoins inchangés son opinion "Neutre" et son objectif de cours de 16 euros sur GDF Suez.

[grupo guitarlumber] 12/12/2012 16:04

SOC GEN and NOMURA have still to update their rec and targets

possibly CS

[grupo guitarlumber] 12/12/2012 15:47

I THOUGHT HSBC PUT IN 14 EUROS

[waldron] 12/12/2012 15:39

source: JAG

Weekly Research Analysts' Ratings Changes for GDF Suez SA (GSZ)
Posted by Scotty Dyson on Dec 11th, 2012 // No Comments

A number of stock research firms have changed their ratings and price targets for GDF Suez SA (EPA: GSZ) during the last seven days:

■GDF Suez SA had its "equalweight" rating reaffirmed by analysts at Barclays Capital. They now have a $23.68 (€18) price target on the stock.
■GDF Suez SA had its "hold" rating reaffirmed by analysts at KBC Securities. They now have a $25.97 (€20) price target on the stock.
■GDF Suez SA had its "underweight" rating reaffirmed by analysts at Grupo Santander. They now have a $26.04 (€20) price target on the stock.
■GDF Suez SA had its "neutral" rating reaffirmed by analysts at HSBC. They now have a $11.69 (€9) price target on the stock.
■GDF Suez SA had its "neutral" rating reaffirmed by analysts at Bryan Garnier & Cie. They now have a $12.82 (€10) price target on the stock.
■GDF Suez SA had its "outperform" rating reaffirmed by analysts at Macquarie. They now have a $21.79 (€17) price target on the stock.
Shares of GDF Suez SA traded up 1.82% during mid-day trading on Tuesday, hitting €15.375. GDF Suez SA has a one year low of €14.55 and a one year high of €21.85. The company has a market cap of €34.132 billion and a P/E ratio of 9.47.

[waldron] 11/12/2012 17:24

(Tradingsat.com) - Morgan Stanley a réitéré mardi sa recommandation « Sous-pondérer » et son objectif de cours de 15 euros

[waldron] 11/12/2012 09:09

GDF Suez to Accept French Gas Tariff Increase Set by Government
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Gdf Suez (EU:GSZ)
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Today : Tuesday 11 December 2012
By Inti Landauro
PARIS--Gerard Mestrallet, the chief executive of GDF Suez SA (GSZ.FR), Tuesday said his company will accept the 2.4% increase in natural gas tariff set by the French government from Jan. 1, as the hike reflects its supply cost increase.
In an interview with local radio station France Info, Mr. Mestrallet said his company is currently negotiating a 2.4% increase with a "large natural gas supplier" he didn't identify.
Natural gas tariffs, which are regulated in France, have been the subject of intense debate, as the government has sought to limit tariff increases while gas distributors, like GDF Suez, were tied to suppliers with long term contracts that tied costs to international oil prices.
"These contracts were 100% tied to oil. This is now changing after renegotiations that will allow French customers to pay less for their gas," Mr. Mestrallet said. Recently, France's highest administrative court ruled against government-set limits to tariff increases as they didn't compensate gas providers for their supply costs, and allowed them to recover the past shortfall through increased customers' bills.
Monday, French Energy Minister Delphine Batho said the government is working on a new method to calculate regulated gas tariffs.
GDF Suez last week said the shortfall in terms of earnings before interest, tax, depreciation and amortization, or Ebitda, in 2012 amounted to 185 million euros ($239.1 million), with a shortfall of EUR165 million for the last quarter alone.
Separately, Mr. Mestrallet said his company doesn't intend to sell shares of Suez Environnement (SEV.FR) despite not renewing a shareholders pact due to expire in mid 2013.
-Write to Inti Landauro at [e-mail]
(Geraldine Amiel contributed to this article.)
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[waldron] 11/12/2012 08:42

. GDF Suez SA also announced that it will be proposed to maintain a dividend of EUR 1.5 per share for the full year 2012 at the general assembly due to take place on April 23, 2013.

[waldron] 11/12/2012 07:35

Macquarie reiterated their outperform rating on shares of GDF Suez SA (EPA: GSZ) in a research note issued to investors on Monday. The firm currently has a $21.79 (€17) target price on the stock.

[waldron] 10/12/2012 10:25

GDF Suez AlphaValue reste à l'achat après l'Investor Day.

(CercleFinance.com) - AlphaValue reste à l'achat sur GDF Suez et fixe l'objectif de cours à 23,2 euros, après la tenue de la journée investisseurs, le 6 décembre dernier, au cours de laquelle le groupe 'a révisé en baisse ses objectifs (comme d'habitude) et a fait des annonces cruciales'.

[waldron] 10/12/2012 09:54

MOUVEMENTS ET NIVEAUX


Le titre est orienté à la baisse. Il est sous sa moyenne mobile à 50 jours située à 17.25 EUR. La moyenne mobile à 20 jours est inférieure à la moyenne mobile à 50 jours. Notre premier support est à 13.11 EUR, puis à 11.89 EUR et la résistance est à 17.36 EUR, puis à 17.96 EUR.

Dernier cours : 15.21
Support : 13.11 / 11.89
Resistance : 17.36 / 17.96
Opinion court terme : neutre
Opinion moyen terme : negative

[grupo guitarlumber] 10/12/2012 09:08

French Energy Min Says Gas Tariffs to Increase 2.4% on Jan 1
PrintAlert
Gdf Suez (EU:GSZ)
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Today : Monday 10 December 2012
By Geraldine Amiel
PARIS--French regulated natural gas tariffs will increase 2.4% from Jan. 1, France's Environment and Energy Minister Delphine Batho said Monday.
Speaking in an interview with France Inter radio, Ms. Batho noted that the increase had been limited as French natural gas distributor GDF Suez SA (GSZ.FR) renegotiated its supply contracts. Had this not taken place, the increase would have been 4%, she said.
Natural gas tariffs which are regulated in France have been the subject of intense debates over the past two years as the government is seeking to preserve households' spending power and capped increases while gas providers are faced with lofty supply costs which, by law, must be covered by the regulated tariffs.
Recently, France's highest administrative court ruled against the government-set limits to tariffs increases as they didn't compensate the gas providers for their supply costs, and allowed them to recover the past shortfall through increased customers' bills.
Ms. Batho said she has submitted a new calculation method for the regulated tariffs to Prime Minister Jean-Marc Ayrault and noted that gas providers should keep on renegotiating their supply costs.
GDF Suez last week said the shortfall in terms of earnings before interest, tax, depreciation and amortization, or Ebitda, over 2012 amounted to 185 million euros ($239.1 million), with a shortfall of EUR165 million for the sole last quarter.
The government also decided to increase by 830,000 to 8 million from Jan. 1 the number of persons benefitting from "social regulated tariffs," which are subsidized tariffs for low-income households, Ms. Batho also said.
Write to Geraldine Amiel at [e-mail]
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[ariane] 09/12/2012 10:46

GDF Suez Deutsche Bank dégrade de 'achat' à 'conserver'.

(CercleFinance.com) - Deutsche Bank a déclassé vendredi sa recommandation sur GDF Suez de 'achat' à 'conserver' avec un objectif de cours réduit de 23 à 18 euros.

[waldron] 08/12/2012 20:01

By GERALDINE AMIEL
PARIS-French utility GDF Suez GSZ.FR -0.49%was battered by investors Thursday after it said its financial results will be dragged down by the weak European economy and tight restrictions on its ability to raise natural-gas prices in its home market.

GDF Suez is the second French utility in less than a week to experience a sharp selloff due to problems stemming from regulated energy prices in France. Investors in Électricité de France SA took fright last week after a court ruling opened the possibility that the company might need to hand back billions of euros to customers who were overcharged between 2009 and 2012 because regulated electricity prices were calculated incorrectly.

Heard on the Street
GDF Suez Suffers European Power Loss

.The two selloffs underscore how shareholders have become particularly wary of the risk posed by price regulations in France. The government has sought to alleviate the economic crisis's impact on households' spending power by increasing regulated tariffs more slowly than energy companies' wholesale gas and electricity costs have risen.

Enlarge Image

CloseAgence France-Presse/Getty Images

Utility investors have become wary of French price regulations. Above, GDF Suez CEO Gérard Mestrallet on Thursday.
.GDF Suez shares fell as much as 15% Thursday after the company said it expects 2012 earnings before interest, tax, depreciation and amortization to be about €185 million ($241.7 million) lower than expected, with €165 million of that decline coming in the fourth quarter alone. The stock ended the day down 11% at €15.29.

The group also warned that earnings would fall in 2013 and stabilize in 2014-a worse forecast than most analysts were expecting-and then bounce back in 2015.

Weaker energy demand, power-production overcapacity and increased competition stemming from the region's crisis have also bruised many utilities in Europe. On top of the problems with regulated gas tariffs in France, higher taxes on nuclear operations in Belgium have worsened GDF Suez's difficulties, said Chairman and Chief Executive Gérard Mestrallet.

In this difficult environment, "we're totally convinced we're right to accelerate our transformation," Mr. Mestrallet said. Yet, this will still take time while the near-term outlook is getting cloudier, he said.

Like some other European utilities, such as Germany's E.ON AG, EOAN.XE -0.61%GDF Suez has been seeking growth outside the region in energy-hungry emerging markets. However, company executives, who were presenting their new strategy in Paris, failed to convince analysts and investors that they could effectively disentangle themselves from their woes in European markets in this way.

GDF Suez's investors remain skeptical that emerging markets could help offset the poor performance in Europe. In particular, some of the most promising markets the company is betting on, such as Brazil and China, have recently shown signs of slowing growth.

The company also wants to refocus on more-profitable activities, such as energy production, and turn away from the long-promoted model of a one-stop-shop utility, also selling water and waste services.

Late Wednesday, the company announced it will loosen the ties to its water business, Suez Environnement SA, SEV.FR -0.37%as it focuses more of its financial firepower on its energy business.

The company also plans to divest or deconsolidate as much as €11 billion worth of assets in the coming two years, Mr. Mestrallet said.

.Analysts said the outlook for GDF Suez has turned out to be worse than their already muted expectations.

Morgan Stanley analyst Emmanuel Turpin said he had already factored in the effect on earnings of a tough operating environment in Europe and the potential for a cost-cutting plan. "In the end, we did get both, but the net effect of the two is materially worse than we and the market anticipated," he said.

Bank of America-Merrill Lynch analyst Arnaud Joan downgraded GDF Suez's rating to neutral from buy but welcomed "efforts to preserve balance sheet strength, via [asset] disposals, improve efficiency and grow in emerging markets."

"The near-term capital expenditure reductions and the cost control on the longer term should allow the [GDF Suez current] dividend to remain covered by cash flow," said Goldman Sachs analyst Andrew Mead.

Write to Geraldine Amiel at [e-mail]

[waldron] 08/12/2012 10:22

Graphiquement : les niveaux de résistances se situent sur : 15.7 puis 16. Tandis que les prochains supports sont sur : 14 puis 13.5.

Notre préférence : Le titre GDF Suez (TLO: GAZ-U.TI - actualité) (GSZ) est baissier tant que 16 est résistance.

Le point d'invalidation de notre scénario est situé sur : 16.
Cours de référence : 15.2.

[waldron] 08/12/2012 09:58

EXTRACT


Threat on the dividend policy ?

Till now, the stock could rest on its high payout ratio with a current payout ratio above 100%. Nonetheless the sharp decline in future net income raised questions about dividend policy sustainability. The decrease in Capex level and the cost reduction could enable the firm to maintain a constant dividend policy. But in my opinion, the dividend policy should be given up to strengthen the financial flexibility of GDF Suez. Moreover, the fact that the French State is a main shareholder prevents or at least restricts the possibility of a workforce reduction in France. And yet, cutting labor in France could be an effective way to reduce costs and to offset the energy prices decline.

I still believe in the group's strategy, especially its capacity to capture growth in fast growing markets, and I think changes are necessary for GDF Suez to enhance its operational performance in each business line. The stock should be a growth play but the presence of the French State as a main shareholder is an obstacle.

For the moment, it is better to hold GDFZY.PK instead of selling it. The profit warning should not occult the growth potential of the company.

[waldron] 07/12/2012 13:50

UBS révise son objectif de cours sur GDF Suez (GSZ.FR) de 20 à 16 euros au lendemain de la présentation du plan d'économie du géant gazier, "qui a fait état d'une situation particulièrement mauvaise du marché européen de l'énergie et des marchés gaziers, du fait d'actifs non rentables, d'une hausse des taxes et des décisions gouvernementales". L'objectif de réduction des dépenses de 3,5 milliards d'euros est crédible mais ambitieux, poursuit la banque qui estime que cela suffira tout juste à compenser la baisse des marges. La recommandation "achat" est maintenu sur le titre, qui se replie de 1,4% à 15,07 euros. ([e-mail])

[waldron] 07/12/2012 13:39

French Finance Minister: Bank Reform Aimed At Separating Speculative Activity
PrintAlert
Gdf Suez (EU:GSZ)
Intraday Stock Chart
Today : Friday 7 December 2012
By Inti Landauro
PARIS--French Finance Minister Pierre Moscovici Friday said his government's bank reform seeks to strictly separate banks' speculative operations from their other businesses and ban some market operations.
"What we will do is strictly separate the speculative market activities from other activities and we will ban banks from purely speculative activities such as high frequency trading, computer operations conducted by banks on their own accounts, or speculation on commodities," Mr. Moscovici said Friday in an interview with BFM TV.
The minister confirmed that a bank reform pushed by the government to protect depositors and taxpayers won't lead to a break-up of the country's banks.
Mr. Moscovici also said the government will seek to change the method of calculating natural gas tariffs for users as the current method based on international gas prices leads to excessive price hikes. He said the government will do everything to limit the increase scheduled on Jan. 1.
He added a price increase of 2%-3% is "more plausible" than an increase of between 5% to 7%.
French power company GDF Suez (GSZ.FR) is the main gas distributor in France and the tariffs it charges to its customers is regulated and updated every quarter to take into account the supply cost of gas distributors.
Write to Inti Landauro at [e-mail]

[waldron] 07/12/2012 09:01

(CercleFinance.com) - HSBC dégrade sa recommandation sur GDF Suez de 'neutre' à 'sous-pondérer' et son objectif de cours de 18 à 14 euros, après la présentation stratégique du groupe énergétique.

[waldron] 07/12/2012 08:34

KBC Securities reaffirmed their hold rating on shares of GDF Suez SA (EPA: GSZ) in a research note released on Thursday morning. They currently have a $25.97 (€20) price target on the stock