EDP-Energias de Portugal S.A.

EDP Energias de Portugal is a utility company engaged as a generator, distributor and supplier of electricity in Portugal, and as an electricity generation company and a gas distributor in the Iberian Peninsula. In addition, Co. is a wind power operator with windfarms for energy generation in the Iberian Peninsula, the U.S., Canada, Brazil, France, Belgium, Italy, Poland and Romania and is engaged in developing wind projects in the U.K. Co. is also engaged in generating solar photovoltaic energy in Portugal, Romania and the U.S, and in Brazil it is engaged as an operator in electricity generation. As of Dec 31 2015, Co. had 9.7 million electricity customers and 1.4 million gas customers.
  • TickerEDP
  • ISINPTEDP0AM0009
  • ExchangeEuronext Lisbon
  • SectorElectricity
  • CountryPortugal
Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/07/2020

For our pharmaceutical team, the prospect of registering a COVID-19 vaccine is growing stronger between now and the end of the year. We have attempted to evaluate its potential effects on the market. To do so, we relied on the negative correlation between the stringency of lockdown, as measured by Oxford University’s stringency index, and stock price trends. Conclusion: a major impact on the Stoxx 600 (+17%), assuming a return of the stringency index to the early February levels, whic...

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/09/2020

Pour notre équipe pharmacie, la perspective d’enregistrement d’un vaccin COVID-19 se renforce d’ici la fin de l’année. Nous avons tenté d’en estimer les effets potentiels sur le marché. Pour ce faire, nous nous sommes appuyés sur la corrélation négative existant entre rigueur du confinement, telle que mesurée par le « stringency index » de l’université d’Oxford, et évolution des cours de Bourse. Conclusion : un effet majeur sur le Stoxx 600 (+17%), dans l’hypothèse d’un retour du stri...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : A challenging year in 2020 but under control

>Buy rating and target price of € 4.80 maintained - The management’s tone in the conference call following the publication of H1 2020 performances was very reassuring. Despite the disruptions to operations (COVID-19, currencies), EDP remains focused on executing its strategic plan. While the second half of 2020 looks set to be a bit less favourable than expected after the Q1 2020 earnings report, the 2020 guidance is unchanged. We maintain our Buy rating on the stock....

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : Un exercice 2020 difficile mais maitrisé

>Opinion Achat et OC 4.80 € maintenus - Le ton du management lors de la conférence téléphonique post publication des performances du S1 2020 a été rassurant. En dépit des perturbations opérationnelles (COVID-19, devises), EDP demeure concentré sur l’exécution de son plan stratégique. Si le second semestre 2020 s’affiche comme un peu moins favorable qu’anticipé à l’issue de la publication du T1 20, les guidances 2020 demeurent inchangées. Nous maintenons notre opinion ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Jérôme VINERIER

Analyse court terme - Energias De Portugal SA : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 2,939 €. La tendance de fond serait remise en cause en cas de franchissement de 3,549 €.

Jérôme VINERIER

Short term view - Energias De Portugal SA : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €2.939. The background trend would be questioned should prices rise above €3.549.

Jérôme VINERIER

Short term view - Energias De Portugal SA : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €2.939. The background trend would be questioned should prices rise above €3.549.

Jérôme VINERIER

Analyse court terme - Energias De Portugal SA : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 2,939 €. La tendance de fond serait remise en cause en cas de franchissement de 3,549 €.

Valérie GASTALDY

Medium term view - Energias De Portugal SA : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €3.100. A break below €3.100 would challenge the trend.

Energias De Portugal Sa Edp: 1 director sold

A director at Energias De Portugal Sa Edp sold 2,000,000 shares at 4.139EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : A challenging year in 2020 but under control

>Buy rating and target price of € 4.80 maintained - The management’s tone in the conference call following the publication of H1 2020 performances was very reassuring. Despite the disruptions to operations (COVID-19, currencies), EDP remains focused on executing its strategic plan. While the second half of 2020 looks set to be a bit less favourable than expected after the Q1 2020 earnings report, the 2020 guidance is unchanged. We maintain our Buy rating on the stock....

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : Un exercice 2020 difficile mais maitrisé

>Opinion Achat et OC 4.80 € maintenus - Le ton du management lors de la conférence téléphonique post publication des performances du S1 2020 a été rassurant. En dépit des perturbations opérationnelles (COVID-19, devises), EDP demeure concentré sur l’exécution de son plan stratégique. Si le second semestre 2020 s’affiche comme un peu moins favorable qu’anticipé à l’issue de la publication du T1 20, les guidances 2020 demeurent inchangées. Nous maintenons notre opinion ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : H1 2020 results in line with our expectations

>Buy rating maintained and target price adjusted to € 4.80 (vs € 4.60) - EDP’s H1 2020 results were broadly in line with our forecasts. Despite the effects of the health crisis and the forex impact, the group is showing a relatively strong level of resilience. This resilience lends weight to our Buy rating on the stock. Looking beyond these operating aspects, we still believe a reorganisation of the group’s share ownership (owing to its Chinese shareholder CTG) and st...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : Un S1 20 en ligne avec nos attentes

>Recommandation Achat réitérée et OC ajusté à 4.80 € (vs 4.60 €) - Les résultats récurrents du S1 2020 sont ressortis globalement en ligne avec nos attentes. En dépit des effets de la crise sanitaire et des changes, le groupe affiche une résilience relativement forte. Cette résilience conforte notre opinion Achat sur le titre. Au-delà de ces aspects opérationnels, nous considérons toujours qu’une restructuration actionnariale (en raison de son actionnaire chinois CTG)...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Centrica cède Direct Energy à NRG Energy : quel read-X sur l’Europe ?

>Centrica cède sa commercialisation américaine d’énergies à NRG Energy - Centrica a annoncé la cession de sa filiale Direct Energy qui commercialise de l’énergie (électricité et gaz) aux Etats-Unis au groupe américain NRG Energy. La valeur d’entreprise de la transaction ressort à 3 625 M$. Direct Energy est l’un des plus importants fournisseurs de détail d’électricité, de gaz naturel en Amérique du Nord. Direct Energy a son siège social à Houston, au Texas, et des bur...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 24/02/2020 - EDP

EDP (Achat) : EBITDA de €3,7mds (+13%) en 2019 L’Italie impacté par le COVID-19 Belfius - 2019  : Résultat avant impôts de €918m (+5,9%) L’Indice PMI Flash Composite de l’Activité Globale dans la zone euro se redresse à 51,6 PostNL (Vente) - 2019 : EBIT de €135m (-34,5%) Telefonica (Achat) - 2019 : EBITDA de €15,1mds (-2,9%) MOL (Achat) : EBITDA attendu de $2,5mds en 2020 (versus $2,4mds en 2019) TLG immobilien (Achat) : S&P rehausse la note d'un cran à BBB+ stable     Emetteurs : Italie, Wells Fargo, Belfius, Zone Euro ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/01/2020 - Assurances

Assurances : Révision en 2020 de la directive européenne Solvency II UBI Banca (Achat) a émis un nouveau titre AT1 avec un call en 2025 et un coupon de 5,875% EDP (Achat) : Rachat obligataire sur son titre hybride avec call en 2021 et nouvelle émission Automobile : Les ventes sur le marché chinois attendues en recul de -2% en 2020 Atlantia (Conserver) : S&P dégrade la note à BB- *- Valeo (Conserver) : S&P a dégradé la note de BBB à BBB- stable  

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 23/10/2019 -Pétrole et gaz

Pétrole & Gaz: Quelques annonces de dépréciations, mais les perspectives demeurent favorables Piraeus Bank: Envisagerait l’émission de sa première obligation AT1 en 2020 BASF (Conserver) : Cède sa division Chimie de construction à Lone Star pour €3,2 mds Intrum (Achat) : Aurait fait une offre sur Cerved Credit Management Sanofi : Offre publique d'achat de $2,5 mds sur la biotech américaine Synthorx EDP (Achat) : Cession de 6 centrales hydroélectriques au Portugal pour €2,2mds Bertelsmann (Achat) : Moody's confirme la note Baa1 et dégrade sa...

EDP - Energias de Portugal, S.A.: Semi-annual update to credit analysis

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 5 January 2018 Update RATINGS EDP - Energias de Portugal, S.A. Domicile Portugal Long Term Rating Baa3 Type LT Issuer Rating Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Niel Bisset +44.20.7772.5344

Moody's: El fortalecimiento de las energias renovables en Iberia compensara la reduccion de la potencia instalada de las centrales electricas de carbon y estabilizara los precios

Announcement: Moody's: El fortalecimiento de las energías renovables en Iberia compensará la reducción de la potencia instalada de las centrales eléctricas de carbón y estabilizará los precios. Global Credit Research- 22 Nov 2017. London, 22 November 2017-- La capacidad eólica y solar en la Península Ibérica tiene perspectivas de crecimiento para los próximos años a medida que España reanude sus inversiones en energías renovables, compensando el cierre de...

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/07/2020

For our pharmaceutical team, the prospect of registering a COVID-19 vaccine is growing stronger between now and the end of the year. We have attempted to evaluate its potential effects on the market. To do so, we relied on the negative correlation between the stringency of lockdown, as measured by Oxford University’s stringency index, and stock price trends. Conclusion: a major impact on the Stoxx 600 (+17%), assuming a return of the stringency index to the early February levels, whic...

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/09/2020

Pour notre équipe pharmacie, la perspective d’enregistrement d’un vaccin COVID-19 se renforce d’ici la fin de l’année. Nous avons tenté d’en estimer les effets potentiels sur le marché. Pour ce faire, nous nous sommes appuyés sur la corrélation négative existant entre rigueur du confinement, telle que mesurée par le « stringency index » de l’université d’Oxford, et évolution des cours de Bourse. Conclusion : un effet majeur sur le Stoxx 600 (+17%), dans l’hypothèse d’un retour du stri...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

EDP ENERGIAS DE PORTUGAL loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of EDP ENERGIAS DE PORTUGAL (PT), active in the Conventional Electricity industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date August 18, 2020, the closing price was EUR 4.33 and its potential was estimated at EUR 5.03.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

EDP-Energias de Portugal. – AGM 16 April 2020

In item 2, it is proposed to distribute a dividend of €0.19 per share on 2019 results. Total dividend distribution will amount to €695 million, and it is not covered by consolidated net earnings (€512 million) or free cash flow (€576 million). Although we note that dividends were fully covered by generation of cash in the last years, serious concerns may arise over the proposed distribution of dividends, taking into account the high level of debt of EDP (0.98 times the market capitalization at the end of last year) and uncertainties related to the current pandemic scenario of COVID-19. We also...

Expert Corporate Governance Service (ECGS)

EDP Energias de Portugal - AGM 24 April 2019

In item 6, shareholders are called to an advisory vote on the remuneration policy for executive members. The overall remuneration amounts are reasonable, but we regret that a significant component of the variable remuneration (20% of the bonus and 35% of the long-term incentive) is based on a qualitative assessment and does not depend on predefined performance conditions. Furthermore, the annual bonus and the long-term incentive almost entirely depend on the same performance conditions (TSR, EPS, net debt to EBITDA and OCF), only 7% of the bonus depending on different criteria, this results in...

Energias De Portugal – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In item 6, shareholders are called to an advisory vote on the remuneration policy for executive members. We have serious concerns over the possibility to award discretionary bonuses, also considering that a significant component of the variable remuneration (20% of the bonus and 35% of the long-term incentive) is based on a qualitative assessment of the Board. Furthermore, we note that 97% of the long-term incentive is based on the same performance metrics used to calculate the annual bonus (TSR, EPS, debt-to-EBITDA and OCF), so that executives are paid twice for achieving the same target. Hen...

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