EDF ENR is an EDF subsidiary, owned at 100% and specialized in solar power.

Energies Nouvelles Réparties (EDF ENR) group is a subsidiary of EDF Energies Nouvelles (EDF EN). Thanks to its solar subsidiary, EDF ENR acts like an architect providing solar power solutions for rooftops for a large range of clients: private individuals, corporate actors, local governments. Its subsidiary Photowatt (EDF ENR PWT) makes it the only photovoltaic cell manufacturer in France.

Founded in 2007, EDF ENR solar is a solar power expert who creates, commercializes and installs solar roofs.

Photowatt (END ENR PWT) has been a real pioneer in this industry for 35 years. It is the only company that creates and manufactures photovoltaic cells and modules in France.

EDF ENR is the only solar power French actor who takes action all over the supply chain process: R&D, module manufacturing, offer creation, commercializing, solar roof installations, after-sales services, monitoring and maintenance.

Key numbers as at December the 31st, 2014

  • More than 14,000 installations for private individuals
  • More than 900 realizations for professionals and local governments
  • 55 million euro turnover for the solar department of EDF ENR group
  • 650 employees for the photovoltaic department of END ENR group (including 380 at Photowatt)
  • One technical and commercial establishment for the whole French territory
  • 4 research units
  • 2 production factories in Isère


For its potential buy-out project in Japan, EDF ENR assigned SOCIETEX CORPORATE FINANCE for a valuation mission and to review the target business plan. SOCIETEX CF realized this mission in collaboration with its local IMAP partner.


SOCIETEX uses a multi-criteria approach based on: patrimonial valuation method, Discounted Cash Flows, market comparative approach (analogical method), use of financial data from similar companies, use of transactional data from similar companies.

The DCF method (Discounted Cash Flows) remains our preferred tool since it benefits from the best consensus from the financial community (recommended approach by the IASB to determine the fair value of an asset) and it allows to “stick” the most intimately to the reality of the valued company.

The sensitivity of this approach to the assumptions taken leads us to constantly and carefully investigate:

  • The validation process of the financial models used (ex: consistency with the sector return on assets assumptions, growth assumptions, costs and price inflation etc.)
  • The market data used (stocks risk premiums, betas, premium and discount rates etc.);

Our standard valuation process includes:
  • In particular for non-listed companies, an analysis of the activity risk profile that we translate into risk premium based on historical risk valuations completed by SOCIETEX and its partners from the IMAP network. This analysis relies on the assessment of the market and company risks through a detailed look on their features (barriers, growth potential, value source, etc.). This allows to remove sector specific features from the estimation of the risk premium;
  • A sectoral risk profile analysis through a review of listed companies with similar activities. It is then faced to the activity risk profile analysis;
  • A structural analysis of the income statement and balance sheet (working capital requirement, debt level, …) by identifying changes in the company (such as investment plans,…), as well as eventual restatements required to establish a standard framework;
  • A study of the business plan through medium (3 years) and long term (5 to 10 years) elements (targets regarding clients and services portfolio development, operating ratios, …);
  • A highlight of uncertainty factors (e.g. :raw materials and logistics costs changes), an analysis of their impact and their eventual modeling (statistical profile) in the case their weight is too high in the final valuation;
  • A standardization of the approach and the valuation assumptions, a sensitivity analysis to economic assumptions and key parameters of the valuation, and an analysis of the final valuation.


« For more than 10 years, EDF and its subsidiaries repeatedly assigned SOCIETEX CORPORATE FINANCE for valuation missions in France and abroad for buy-out and hand-over projects. » Bruno FERRIER, EDF Head of Development “solar roofs”


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