Exane BNP Paribas note que les résultats trimestriels annoncés par GDF Suez ont été supérieurs de 1% au consensus, mais s’étonne de l’absence de commentaire sur le dividende annuel, contrairement à l’an dernier.
[cleeng_content id= »165057858″ description= »Plus d\’analyses et de commentaires à découvrir… » price= »0.19″ t= »article » referral= »0.05″] »The group indicated that the board is ‘considering’ an interim dividend of EUR0.83/s, i.e. flat y/y — which CEO Mestrallet said would be paid for “sure”. However, at the Q1 12 results, the company had been more specific, confirming then that the group was maintaining the objective of an at least flat FY12 dividend (and not the interim one). We still perceive the management as being rather ill at ease with putting in writing a similar commitment for 2013 (and beyond), due we believe to the political implications this could have: our assessment is that while GSZ can indeed afford to pay a flat dividend, notably from disposal proceeds, and an increase in indebtedness, it is politically not sustainable to maintain too high a payout on EPS for too long. »[/cleeng_content]