Guangdong Development Fund Share Discussion Threads

[waldron] 13/11/2013 15:58

le courtier Bryan Garnier en confirmant sa recommandation "Achat" et son objectif de cours de 19 euros sur GDF Suez. En tout état de cause, le broker estime que cette publication "devrait rassurer sur la capacité du groupe à maintenir son dividende de 1,5 euro par action".

[grupo guitarlumber] 13/11/2013 11:05

By Inti Landauro and Geraldine Amiel

PARIS--GDF Suez SA (GSZ.FR) Wednesday said its net recurring profit will be close to the upper end of the guidance range it had given last quarter as it will benefit from a lower debt cost and from the results of a cost-saving plan.

However, the energy group said its bottom line will be negatively affected by a reassessment of the value of European assets given the difficult economic situation in the region.

The company's new guidance comes after it reported its revenues for the first nine months of the year fell to 59.6 billion euros ($79.9 billion) down from the EUR70.92 billion reported last year. Taking into account the consolidation of its unit Suez Environnement (SEV.FR) as of Jan 1, 2012, GDF Suez's revenues in the first nine months of the year fell 0.3%.

The company reiterated earnings before interest, tax, depreciation and amortization, or Ebitda, for the year will be between EUR13 billion and EUR14 billion taking into account a Suez Environnement consolidation as of Jan.1 2013, while Ebidta for the first nine months of the year were at EUR10.3 billion with a Suez Environnement consolidation as of Jan. 1, 2012. Analysts polled by Dow Jones expected an Ebidta of EUR10.25 billion for the nine-month period and revenues of EUR58.89 billion.

The group said it will also target gross capital expenditures of between EUR7 billion and EUR8 billion for the full-year, as well as a net debt to Ebitda ratio equal to or lower than 2.5 times.

GDF Suez will reevalue the value of its European assets in power generation and gas storage capacity that will in turn lead to a non-cash and non-recurrent impairment of an unspecified amount that will eventually have a negative effect on its net profit. The company is battling to cut a pile of debt and restore profitability as the environment for energy in Europe remains challenging, with the economic crisis denting power consumption.

At the same time, costs and competition have increased, due to the subsidized push in the region for renewable sources and the affluence of cheap coal, which renders traditional gas-fired power generation plants too costly to run.

The company has mothballed 2 GigaWatt capacity and is mulling mothballing additional 5 to 7 GW capacity, Chief Executive Gerard Mestrallet said in a conference call.

The group has also decided to increase its expansion outside Europe in such emerging markets as Brazil and Asia, to reduce its exposure to what has been so far its main market. The move has also been coupled with an asset disposal plan to allow to cut the debt and grant additional financial investing firepower.

GDF Suez, which aims to divest as much as EUR23 billion in assets between 2011 and 2014, recently, sold a 28% stake in five power generation assets in its Australian unit to Japan's Mitsui & Co. (8031.TO) for an undisclosed amount. The transaction is an example of GDF Suez's asset sale strategy: the group either keeps control of activities or sells when it has a minority stake which doesn't grant it the control of its development strategy.

Write to Inti Landauro at [e-mail] and Geraldine Amiel at [e-mail]

[waldron] 13/11/2013 10:48

27Feb2014 Annual results FY13

[waldron] 13/11/2013 10:18

GDF Suez SA (GSZ), France's former natural-gas monopoly, reported nine-month profit fell 6.5 percent because of lower power prices in Europe and maintenance halts at power stations in Belgium.

Earnings before interest, taxes, depreciation and amortization fell to 10.3 billion euros ($13.8 billion) on a pro forma basis, the Paris-based company said today in a statement. That was in line with the average estimate of analysts surveyed by Bloomberg.

The Paris-based company maintained its financial targets and said full-year net recurring profit would be at the top end of the forecast range of 3.1 billion euros to 3.5 billion euros for 2013. That's based on Ebitda of 13 billion euros to 14 billion euros.

GDF Suez, hurt by lower demand for gas-fired power in Europe, is closing plants to contain costs while seeking to expand in Asia, Latin America and the Middle East. Chief Executive Officer Gerard Mestrallet has said the region's "disastrous" energy policies prompted the utility to shut more than 10,000 megawatts of capacity,

The company today said worsening economic conditions in Europe meant it may be forced to write-down the value of power-station assets.

Net debt fell to 29.8 billion euros compared with 32.2 billion euros as of June 30, the company said.

Longer-than-expected shutdowns of Belgian nuclear reactors for safety checks will cost 318 million euros in Ebitda this year, the utility has said.

At the end of last year GDF Suez reduced earnings targets, citing a "demand crisis" in Europe's energy markets. In February the utility wrote down the value of its power plants in Europe by 2 billion euros, saying weaker demand, falling emission-permit prices and the cost of gas relative to coal combined to make generation unprofitable.

GDF Suez recorded a further 200 million euros of impairments in the first half after mothballing gas-fired plants.

To contact the reporter on this story: Tara Patel in Paris at [e-mail]

To contact the editor responsible for this story: Will Kennedy at [e-mail]

[waldron] 11/11/2013 10:01

MOUVEMENTS ET NIVEAUX


Le titre est orienté à la hausse. Il est au-dessus de sa moyenne mobile 50 jours. La moyenne mobile à 20 jours est supérieure à la moyenne mobile à 50 jours. Le support est à 17.84 EUR, puis à 17.47 EUR et la résistance est à 19.7 EUR, puis à 20.44 EUR.

Dernier cours : 18.65
Support : 17.84 / 17.47
Resistance : 19.7 / 20.44
Opinion court terme : negative
Opinion moyen terme : positive

[waldron] 07/11/2013 10:29

By Geraldine Amiel

PARIS--France's power grid agency RTE Thursday said the French power market should be balanced this winter, with no supply shortages in sight even if there is unusually cold weather like a year ago.

Demand should be easily matched by supplies in the short term in France, said RTE, a fully-owned subsidiary of France's power giant Electricite de France SA (>> EDF).

For the past 50 years, the country has relied on nuclear energy for around 75% of its electricity and had never feared any supply shortages, until the question of replacing or extending the life of the aging French nuclear reactors emerged over the past few years. France, which had been a net power exporter around Europe for more than 40 years, had to import large amounts of power from Germany to meet demand at peak times, notably over the winter. This hurt national pride.

More of EDF's nuclear reactors should be available this winter compared with the same time last year, preventing the need to import power, RTE said.

But beyond 2016, the supply-and-demand balance could be an issue, RTE said.

Some of France's coal and gas capacities are being stopped and the French government is seeking to lower the nuclear share in France's energy mix to 50% from currently 75%, and boost renewable sources instead. And even the expected drop in demand, due to the lasting impact of the economic crisis, won't offset the imbalance, RTE said, and it called for the building of new power generation capacities.

RTE's call echoed a recent move by 10 European energy groups' leaders, including GDF Suez SA (>> GDF SUEZ), RWE.AG (>> RWE AG) and Spain's Iberdrola SA (>> Iberdrola SA) to pressure European governments to stop subsidies in favor of renewables, which has led many of the companies to mothball some of their traditional power generation plants that have become too expensive to run.

Renewable capacities are "intermittent," as they depend upon the weather--wind and sun--to produce power. This means that traditional capacities are needed to compensate the lack of renewable power when there is no sun and no wind.

-Write to Geraldine Amiel at [e-mail]

[waldron] 06/11/2013 16:11

(CercleFinance.com) - GDF-Suez entreprend ce mercredi une hausse inexorable en direction des 19E: algorithme haussier tracte littéralement le titre au sein d'un canal d'une épaisseur quasi imperceptible tant les fluctuations s'avèrent strictement encadrées.

Au-delà de la petite résistance toute proche des 19,1E, le prochain objectif devrait être le comblement du 'gap' des 19,31E du 16 octobre.

[waldron] 04/11/2013 18:23

Germany, Europe's biggest power market, is poised to open its first new coal-fired plants in eight years, just as prices slump because of a glut of electricity.

GDF Suez SA, Trianel GmbH and Steag GmbH will bring three new plants online by December, enough to supply more than 4.4 million homes. The nation is already producing so much electricity that exports will surpass last year's record in 2013, according to the Fraunhofer Institute for Solar Energy Systems in Muenster, Germany. Power prices may slide 12 percent by 2016, according to UBS AG in Zurich.

Enlarge image
Coal-Fired Power Station in Germany Sepp Spiegl/Bloomberg
Even as the $757-billion energy shift boosts renewable power output to 35 percent of total supply by 2020, from 23 percent now, Merkel will be more reliant than ever on fossil fuels to drive Europe's biggest economy on cloudy and still days.

Even as the $757-billion energy shift boosts renewable power output to 35 percent of total supply by 2020, from 23 percent now, Merkel will be more reliant than ever on fossil fuels to drive Europe's biggest economy on cloudy and still days. Photographer: Sepp Spiegl/Bloomberg
.Chancellor Angela Merkel, who before the Sept. 22 election said revising the nation's renewable energy law was her first priority, plans to shut Germany's nine nuclear reactors within a decade, replacing the round-the-clock output with intermittent solar and wind plants. Even as the $757-billion energy shift boosts renewable power output to 35 percent of total supply by 2020, from 23 percent now, Merkel will be more reliant than ever on fossil fuels to drive Europe's biggest economy on cloudy and still days.

"Merkel's government has put itself in a dilemma," said Danny Graefe, who has traded power and natural gas for four years at AVU AG fuer Versorgungs-Unternehmen in Gevelsberg, Germany. "On the one hand it is promoting green energy, on the other hand, we see all those hard coal plants coming online now. I don't see anything bullish in the power market."

Losing Streak
German power for next-year delivery is headed for a third annual decline, its longest losing streak since trading began on the Leipzig, Germany-based European Energy Exchange AG in 2002. Power fell 17 percent this year to 37.47 euros a megawatt-hour at 3 p.m. Berlin time, according to exchange data compiled by Bloomberg. The Standard & Poor's GSCI gauge of 24 commodities fell 5.7 percent in the period and the MSCI All-Country World Index of equities advanced 17 percent.

Wholesale costs declined almost 60 percent since their peak in 2008 amid record renewable output and two years of weakening demand, according to AG Energiebilanzen e.V., an association of energy lobbies and research institutes. Europe's biggest economy consumed 606 terawatt-hours last year, the least since 2009.

The three new plants mark the start of Germany's (GRGDPPGQ) biggest new-build program since its power market was liberalized in 1998. The units will boost the nation's hard-coal capacity by 8.5 percent, and the total generation ability by 1.2 percent, according to data compiled by Bloomberg.

New Renewables
"With additional renewables and efficient thermal plants entering the system, we believe the downward pressure on power prices toward about 33 euros a megawatt-hour will continue until 2016," said Patrick Hummel, an analyst at UBS in Zurich.

Steag will start commercial output at its 725-megawatt plant near Duisburg in the "next few days," Juergen Froehlich, a spokesman based in Essen, Germany, said Oct. 30.

Trianel, an Aachen, Germany-based producer and energy supplier owned by more than 100 regional utilities, will start a 750-megawatt unit outside Dortmund by the end of December. GDF Suez (GSZ)'s 731-megawatt plant in Wilhelmshaven on the North Sea coast will also start by then, according to data from Bundesnetzagentur, the Bonn-based grid regulator. A supply of 1,000 megawatts powers 2 million European homes.

"Investment decisions for those coal plants were made around 2008 or before, before Germany's nuclear phase-out plans and when power prices were still high," said Konstantin Lenz, the Berlin-based managing director of Lenz Energy, an energy markets adviser.

Nuclear Exit
The profit for hard coal-fired plants in Germany, based on next year's power, coal and emissions prices dropped 7.5 percent in the past 12 months, according to broker data compiled by Bloomberg. The clean-dark spread was at 8.70 euros a megawatt-hour today.

"Right now is indeed not an ideal point of time to start a new hard coal-fired plant," Alexander Kox, head of Trianel's energy business, said Oct. 31 by e-mail. "We still opted for running the plant as we'd have to pay for the fixed costs, especially for interest and debt retirement, even if we don't run the plant."

The last German coal plant to start generating power was Grosskraftwerk Mannheim AG's 255-megawatt GMK-6 in Mannheim. It opened in December 2005, the year power prices jumped a record 42 percent on EEX.

The power glut is poised to widen because utilities plan to add 9,397 megawatts of mainly coal and gas-fired plants by 2015, including two units at RWE AG (RWE)'s 1,530-megawatt Hamm plant next year, grid-regulator data show.

Nuclear Reactor
Utilities will shutter less than a third of that, or 3,077 megawatts, in the next two years, the data show. EON SE, Germany's biggest utility, will close its 31-year-old 1,275-megawatt Grafenrheinfeld reactor on Dec. 31, 2015 after Merkel decided to abandon atomic energy within the next decade after the Fukushima nuclear disaster in Japan in March 2011.

The glut spurred Societe Generale SA analyst Paolo Coghe to cut his forecast for the average price of electricity delivered in 2015 and traded next year by 7.3 percent to 36.7 euros, according to a Sept. 16 report.

"Between today and the end of 2016, the German power system will be more than adequately supplied thanks to existing and planned new generation, moderate retirements and chronically muted demand," Coghe, said. Consumption will stagnate this year and rise 0.5 percent in 2014, he said.

Expanding Economy
Germany's economy expanded 0.7 percent in the second quarter, after no growth in the first three months of the year. Europe's biggest economy will expand 1.7 percent next year, from 0.5 percent in 2013, according to the median of 47 economist estimates compiled by Bloomberg.

The nation's year-ahead power contract will probably slide to 35 euros by the end of next year, according to Ingo Becker, the head of utilities research at Kepler Cheuvreux, a brokerage in Frankfurt.

At least three of the nation's biggest power plants being built have been delayed because of public protests and legal action by environmental groups. A court in Muenster stopped the construction of EON's Datteln-4 coal plant in June 2012 after green groups said the unit was built too close to a residential area. The 1,100-megawatt plant is two years behind schedule and the Dusseldorf-based utility needs a license to complete it.

Swedish Utility
Germany's 13-year-old renewable energy law, known as EEG, is designed to increase the share of electricity from green sources to 80 percent by 2050 and gives priority grid access to solar and wind over coal, gas and nuclear.

New coal plants and the renewable energy boom, with wind and solar power flooding the grid on sunny and windy days, will probably push net exports to 30 terawatt-hours this year, from 23 terawatt-hours in 2012, said Bruno Burger, a Fraunhofer researcher.

Angela Merkel, who is currently in talks with the Social Democratic Party to form a coalition government, vowed to change the clean-energy subsidy system after she won a third term in the Sept. 22 elections.

"We won't comment on the question of new coal plants right now, as coalition talks are currently dealing with this issue," Nikolai Fichtner, a spokesman for the German environment ministry in Berlin, said Nov. 1 by e-mail.

Reserve Power
With gas-fired generation in Europe unprofitable until at least 2016, according to data compiled by Bloomberg, coal-fired plants act as the main backup to solar and wind power, while emitting twice as much carbon dioxide as natural gas.

The profit from burning coal next year compared with the loss from using gas rose to 27.35 euros a megawatt-hour on Oct. 11, the most in at least four years.

"Coal and lignite will continue to play an important role when it comes to complementing the fluctuation of renewable energy," Hildegard Mueller, head of BDEW, the Germany utility lobby, said. "If you want the energy transition to succeed you won't be able to renounce coal from the German energy mix for the foreseeable future."

To contact the reporter on this story: Julia Mengewein in Frankfurt at [e-mail]

To contact the editor responsible for this story: Lars Paulsson at [e-mail]

[waldron] 04/11/2013 18:00

13/11/2013 GDF SUEZ résultats T3

[waldron] 04/11/2013 09:01

MOUVEMENTS ET NIVEAUX


Après un plus haut à 19.48 EUR le titre corrige vers la moyenne mobile à 50 jours à 18.16 EUR : le comportement des cours sur ce niveau permettra d'envisager la poursuite du mouvement à moyen terme. Les premiers points d'achats (ou supports court terme) sont à 17.38 EUR et 16.92 EUR. Les résistances sont à 19.2 EUR et 19.65 EUR.

Dernier cours : 18.31
Support : 17.38 / 16.92
Resistance : 19.2 / 19.65
Opinion court terme : negative
Opinion moyen terme : positive

[waldron] 29/10/2013 09:37

PARIS--A Franco-German consortium led by utility GDF Suez SA (GSZ.FR) has received a 530 million euro ($730.6 million) contract for the International Thermonuclear Experimental Reactor nuclear fusion energy project in France.
The six-year contract -- which is for the design, construction and maintenance of air conditioning, electrical and mechanical installations for 13 buildings -- was awarded to a consortium consisting of GDF Suez's energy services unit Cofely and Germany's M+W Group, GDF Suez said in a statement.
Work on the project is expected to start in September 2014. Construction will take place over five years, with most of the activity in 2016.
GDF Suez said "a sizeable wave of some one hundred outside hires is planned to assist in the project" alongside personnel from the consortium members.
-Write to Ruth Bender at [e-mail]
Subscribe to WSJ:

[waldron] 28/10/2013 10:37

MOUVEMENTS ET NIVEAUX


Après un plus haut à 19.48 EUR le titre corrige vers la moyenne mobile à 50 jours à 18 EUR : le comportement des cours sur ce niveau permettra d'envisager la poursuite du mouvement à moyen terme. Les premiers points d'achats (ou supports court terme) sont à 17.35 EUR et 16.59 EUR. Les résistances sont à 19.26 EUR et 20.02 EUR.

Dernier cours : 18.43
Support : 17.35 / 16.59
Resistance : 19.26 / 20.02
Opinion court terme : neutre
Opinion moyen terme : positive

[waldron] 22/10/2013 13:56

(AOF) - Bank of America-Merrill Lynch a dégradé sa recommandation d'Achat à Neutre, mais relevé son objectif de cours de 18 à 18,5 euros sur GDF Suez, qu'il a par ailleurs sorti de sa liste de valeurs favorites.

[waldron] 22/10/2013 09:20

GDF Suez SA (GSZ), France's biggest supplier of natural gas, became the second utility to buy into U.K. shale with the purchase of assets from Dart Energy Ltd. (DTE)

GDF will acquire a 25 percent interest in 13 licenses in northern England's Bowland basin, Dart said today in a statement. GDF will hand over $12 million in cash and cover 75 percent of the Australian company's costs up to $27 million to fund a three-year exploration campaign, the statement shows.

The Bowland basin, potentially holding about 1,300 trillion cubic feet of gas, has already lured U.K. utility Centrica Plc (CNA), which bought a stake in Cuadrilla Resources Ltd.'s acreage in June. Paris-based GDF Suez faces a government ban on hydraulic fracturing in its home country, while British Prime Minister David Cameron has pledged tax breaks to shale drillers.

"We are very confident about the potential of shale gas in the U.K. and its anticipated contributions to U.K. energy security," said Jean-Marie Dauger, head of GDF Suez's gas business. The investment "complements the large presence of the group in the U.K."

The deal will support the drilling of as many as 14 exploration wells -- four targeting shale gas and 10 coal-bed methane, Dart said.

To contact the reporter on this story: Brian Swint in London at [e-mail]

To contact the editor responsible for this story: Will Kennedy at [e-mail]

[waldron] 21/10/2013 08:54

MOUVEMENTS ET NIVEAUX


Après un plus haut à 19.48 EUR le titre corrige vers la moyenne mobile à 50 jours à 17.86 EUR : le comportement des cours sur ce niveau permettra d'envisager la poursuite du mouvement à moyen terme. Les premiers points d'achats (ou supports court terme) sont à 17.8 EUR et 17.22 EUR. Les résistances sont à 20.13 EUR et 20.71 EUR.

Dernier cours : 18.56
Support : 17.8 / 17.22
Resistance : 20.13 / 20.71
Opinion court terme : neutre
Opinion moyen terme : positive

[waldron] 18/10/2013 08:59

(CercleFinance.com) - Après 4 échecs consécutifs sous les 19,5E, GDF-Suez ouvre un 'gap' sous les 19,31E et casse dans la foulée la MM20 qui gravite vers 18,85E.

Ceci ouvre la possibilité d'une correction en direction de la base du canal ascendant moyen terme qui gravite vers 18E.

[waldron] 15/10/2013 14:09

Mongolia short-listed companies including Marubeni Corp. (8002) and Daewoo Engineering & Construction Co. (047040) among the final bidders to build a $1 billion power plant in the Gobi Desert.

Kansai Electric Power Co. (9503) also made the short list, along with a joint bid made by GDF Suez (GSZ) SA and Posco Energy Corp, according to a statement on the website of the state-owned Tavan Tolgoi Power Plant. It doesn't indicate when a winning bidder will be named.

Coal miners operating in the Tavan Tolgoi coal basin, which contains 6.4 billion tons of reserves, include state-owned Erdenes Tavan Tolgoi LLC and Hong Kong-traded Mongolian Mining Corp. (975) The Tavan Tolgoi Power Plant (TTPP) will generate 450 megawatts of power, according to the company website.

Mongolia is in the midst of a resource boom, with billions of dollars pouring into the country to develop deposits of coal, gold, copper and other minerals. Road and rail projects are under way to deliver the minerals to neighboring China while a coal-fired power plant would help to power the mines and processing factories, including coal washing plants.

TTPP could also bring domestically generated power to the $6.6 billion Oyu Togloi copper and gold mine, the Rio Tinto (RIO) Group-controlled mine that is Mongolia's biggest mining project.

Contractual agreements require Oyu Tolgoi to use energy produced in Mongolia within four years of commercial production, which began this year. The mine, which imports electricity from China, is located 130 kilometers (81 miles) southeast of Tavan Togloi.

To contact the reporters on this story: Michael Kohn in Ulaanbaatar at [e-mail]; Yuriy Humber in Tokyo at [e-mail]

To contact the editor responsible for this story: Andrew Hobbs at [e-mail]

[waldron] 15/10/2013 09:55

Graphiquement : les niveaux de résistances se situent sur : 20.4 puis 20.8. Tandis que les prochains supports sont sur : 18.8 puis 18.5.

Notre préférence : Achetez GDF Suez (GSZ) tant que 18.5 est support.

Le point d'invalidation de notre scénario est situé sur : 18.5.
Cours de référence : 19.4.

[waldron] 14/10/2013 08:26

MOUVEMENTS ET NIVEAUX


Le titre est orienté à la hausse. Il est au-dessus de sa moyenne mobile 50 jours. La moyenne mobile à 20 jours est supérieure à la moyenne mobile à 50 jours. Le support est à 18.4 EUR, puis à 17.69 EUR et la résistance est à 20.19 EUR, puis à 20.91 EUR.

Dernier cours : 19.23
Support : 18.4 / 17.69
Resistance : 20.19 / 20.91
Opinion court terme : negative
Opinion moyen terme : positive

[waldron] 08/10/2013 12:52

Monday, September 16, 2013 at 17:30
.(Tradingsat.com) - Credit Suisse a réitéré lundi sa recommandation "Surperformance" et son objectif de cours de 19,5 euros sur GDF Suez . (Tradingsat.com) - Credit Suisse on Monday reiterated its recommendation to "Outperform" and its price target of 19.5 euros on GDF Suez . Le broker souligne que le groupe électro-gazier offre un taux de croissance du bénéfice par action d'environ 5,5% sur la période 2013-2017 qui est supérieur à celui des entreprises comparables. The broker said that the electro-gas company offers a rate of growth in earnings per share of approximately 5.5% over the period 2013 to 2017 which is higher than that of comparable companies.

Si certains groupes de services aux collectivités britanniques affichent des taux de croissance des résultats similaires aux Royaume-Uni, "ils ne proposent que la moitié du rendement du dividende", souligne Credit Suisse, soit 4,5% en moyenne, dont une partie payée en actions, contre plus de 8% offert par GDF Suez . If certain groups of services to British authorities displayed growth rates similar results in the UK, "they offer only half the dividend yield," said Credit Suisse 4.5% on average, with a portion paid shares, against more than 8% offered by GDF Suez .

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Retrouvez les prochains détachements de dividende Find the next dividend detachments
Retrouvez les meilleurs rendements du dividende de la Bourse de Paris Find the best dividend yields of the Paris Bourse
Le financement de ce gros dividende ne devrait par ailleurs poser aucun problème. Funding for this big dividend should also be no problem. Selon les calculs de Credit Suisse, en finançant chaque année son dividende avec les flux de trésorerie récurrents de ses actifs existants, le groupe dégagera sur la période 2013-2017 un excédent de cash cumulé de 11,8 milliards d'euros. According to calculations by Credit Suisse, funding its dividend every year with recurring cash flows of existing assets, the group will release the period 2013-2017 a cumulative cash surplus of € 11.8 billion.