Engie, after having reached a long-awaited deal with the Belgian government on nuclear liabilities and lifetime extension, looks open to a positive rerating vs peers, as the deal should be passed into law in 1H24 and the long-term power price upside potential and increased volatility do not appear to be fully reflected in the share price
Eon, the strong 9M23 results should be a solid base for an FY23 guidance beat
Enel should re-rate from a low multiple as integrated margins continue to provide positive surprises and drive estimates and guidance upgrades.