We see Engie as a compelling renewables play that trades at an unjustified, albeit narrowing discount to peers. We outline scope for Engie to continue trimming the valuation gap, with consensus earnings catch-up first on the horizon. This is supported by a resilient business mix, constructive management incentives, price dislocation from French politics. Our FY24-26 EBIT/NI estimates are +c.5% vs consensus on avg. PT, implying 10x FY25 P/E. Why read this note? Our in-depth peer analysis finds that Engie trades at an unjustified discount to peers. We argue that this discount has scope to unwind through consensus earnings catch-up, intrinsic valuation upside from a resilient business mix, continued delivery on earnings & growth, and an existing price dislocation from French politics.