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

Analysts

Alain William ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/24/2020

...

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 ...

Alain William ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/02/2020

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : 2020 set to be a better year

>Buy rating and target price maintained - Following the conference call to present the group’s 2019 results, we maintain our 2020-2022 earnings sequence based on the strategic update from March 2019. We see management's stance as cautious in terms of the operating indicators for 2020 as they look at this stage to be more much favourable. The stock still offers hidden value in our view, hence our Buy rating and € 5.0 target price. Our target price is based on the avera...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : Un exercice 2020 sous de meilleurs auspices

>Opinion Achat et OC maintenus - A l’issue de la conférence téléphonique de présentation des résultats 2019, nous maintenons notre séquence de prévisions 2020/2022 calée sur les paramètres de la mise à jour stratégique de mars 2019. Le discours du management nous semble empreint de prudence au regard des éléments opérationnels 2020 qui apparaissent, à ce stade, nettement plus favorables. Nous estimons que le titre possède toujours de la valeur cachée qui justifie le m...

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...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : 2020 set to be a better year

>Buy rating and target price maintained - Following the conference call to present the group’s 2019 results, we maintain our 2020-2022 earnings sequence based on the strategic update from March 2019. We see management's stance as cautious in terms of the operating indicators for 2020 as they look at this stage to be more much favourable. The stock still offers hidden value in our view, hence our Buy rating and € 5.0 target price. Our target price is based on the avera...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : Un exercice 2020 sous de meilleurs auspices

>Opinion Achat et OC maintenus - A l’issue de la conférence téléphonique de présentation des résultats 2019, nous maintenons notre séquence de prévisions 2020/2022 calée sur les paramètres de la mise à jour stratégique de mars 2019. Le discours du management nous semble empreint de prudence au regard des éléments opérationnels 2020 qui apparaissent, à ce stade, nettement plus favorables. Nous estimons que le titre possède toujours de la valeur cachée qui justifie le m...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2020

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Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : A year of transition marked by non-recurring elements and energy management

>Buy recommendation and target price adjusted to € 5.0 - Despite a year that we consider to be one of transition as hit by multiple positive non-recurring items (capital gains) and negative (writedowns and provisions) non-recurring items, we believe that the stock still has hidden value that justifies maintaining our buy recommendation and raising our target price to €5.0 (vs €4.5). The latter is based on an average between the DCF (€ 4.98), with a WACC of 4.61%, an u...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2020

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Energias De Portugal Sa Edp: 1 director sold

A director at Energias De Portugal Sa Edp sold 79,578 shares at 3.840EUR and the significance rating of the trade was 82/100. 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 na...

Alain William ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/24/2020

...

Alain William ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/02/2020

...

Jean Sassus ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/20/2019

...

Jean Sassus ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/12/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2019

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With a more favourable environment, EDP ENERGIAS DE PORTL.SA improves to Slightly Positive

EDP ENERGIAS DE PORTL.SA (PT), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 20, 2019, the closing price was EUR 3.83 and its potential was estimated at EUR 4.02.

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 week...

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...

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

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 €.

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.

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.

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