Long/short equity, medium-term horizon, value, growth

GDF Suez: Earnings Should Bottom Out In 2014

GDF Suez (OTCPK:GDFZY) is one of the largest integrated utility companies in the world, with revenues totaling €81.3 billion ($110 billion) in 2013. Through the acquisition of International Power in 2011, GDF Suez has a much more geographically diversified portfolio of power generation assets, but Europe still accounts for 79% of the group's total revenue.

GDF Suez is not only geographically diversified, but also in terms of its business mix, which includes power generation, gas infrastructure assets, LNG and energy services. 48% of its installed capacity for power generation is located outside of continental Europe, and more than 80% of contracted capacity under construction is located in emerging markets. GDF Suez already gets approximately a quarter of its revenues from...

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