EDP Renovaveis S/A

EDP Renovaveis is a renewable energy company based in Spain. Co. is engaged in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, especially hydroelectric, mini-hydroelectric, wind, solar, thermal solar, photovoltaic, biomass and waste plants, among others. Co. designs, develops, manages and operates power plants. Co. generates electricity using renewable energy sources mostly wind energy. Co. owns EDP Renewables Europe that operates in several European countries and Horizon Wind Energy, which operates in the United States. Co. is a part of the Energias de Portugal group.
  • TickerEDW
  • ISINES0127797019
  • ExchangeFrankfurt Stock Exchange
  • SectorElectricity
  • CountrySpain

EDP RENOVAVEIS sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of EDP RENOVAVEIS (ES), active in the Alternative Electricity industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 29, 2020, the closing price was EUR 13.86 and its target price was estimated at EUR 11.87.

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) - ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : H1 2020 broadly in line with no change in trajectory

>Reduce recommendation maintained and target price adjusted to € 11.0 (vs € 10.0) - EDPR’s H1 2020 results on a recurring basis were broadly in line with our forecasts. Note that the scope of consolidation had a significant impact, since as part of its asset rotation policy and EDPR sold 949 MW in Europe and 137 MW in Brazil. The group suffered in H1 2020 from wind conditions close to those in H1 2019, with a capacity utilisation rate stable down 100bp to 32%, i.e. a ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : Un S1 20 globalement en ligne, 2020 sans changement de trajectoire

>Opinion Alléger maintenue et OC ajusté à 11.0 € vs 10.0 € - Les performances récurrentes du S1 20 sont ressorties globalement en ligne avec nos estimations. Notons que les effets de périmètre sont significatifs, puisque dans le cadre de sa politique de rotation d’actifs, EDPR a cédé 949 MW en Europe et 137 MW au Brésil. Le groupe a pâti sur le S1 20 de conditions de vent proches de celles du S1 19, avec un taux d’utilisation des capacités en baisse 100 pb à 32%, soit...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account ...

Jérôme VINERIER

Short term view - EDP RENOVAVEIS SA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €7.930, then €7.688. Passing €8.850 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - EDP RENOVAVEIS SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 7,930 €, puis 7,688 €. Le franchissement de 8,850 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - EDP RENOVAVEIS SA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €7.930, then €7.688. Passing €8.850 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - EDP RENOVAVEIS SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 7,930 €, puis 7,688 €. Le franchissement de 8,850 € remettrait en cause la suite de la baisse.

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : H1 2020 broadly in line with no change in trajectory

>Reduce recommendation maintained and target price adjusted to € 11.0 (vs € 10.0) - EDPR’s H1 2020 results on a recurring basis were broadly in line with our forecasts. Note that the scope of consolidation had a significant impact, since as part of its asset rotation policy and EDPR sold 949 MW in Europe and 137 MW in Brazil. The group suffered in H1 2020 from wind conditions close to those in H1 2019, with a capacity utilisation rate stable down 100bp to 32%, i.e. a ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : Un S1 20 globalement en ligne, 2020 sans changement de trajectoire

>Opinion Alléger maintenue et OC ajusté à 11.0 € vs 10.0 € - Les performances récurrentes du S1 20 sont ressorties globalement en ligne avec nos estimations. Notons que les effets de périmètre sont significatifs, puisque dans le cadre de sa politique de rotation d’actifs, EDPR a cédé 949 MW en Europe et 137 MW au Brésil. Le groupe a pâti sur le S1 20 de conditions de vent proches de celles du S1 19, avec un taux d’utilisation des capacités en baisse 100 pb à 32%, soit...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : H1 2020 recurring net profit in line, published figures boosted by a one-off

>Negative volume effect as expected - The company just released its figures for H1 2020, which are broadly in line with our estimates and the consensus at the operating level but lower for net profit. As expected, the group recorded a 9% decline in its production, mainly driven by its asset rotation policy (disposals of 949 MW in Europe and 137 MW in Brazil, partially offset by the commissioning of 581 MW in the US). Regarding operations, EDPR recorded a utilisation r...

Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP Renovaveis : H1 2020 recurring net profit in line, published figures boosted by a one-off

>Negative volume effect as expected - The company just released its figures for H1 2020, which are broadly in line with our estimates and the consensus at the operating level but lower for net profit. As expected, the group recorded a 9% decline in its production, mainly driven by its asset rotation policy (disposals of 949 MW in Europe and 137 MW in Brazil, partially offset by the commissioning of 581 MW in the US). Regarding operations, EDPR recorded a utilisation r...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : EDP and EDPR to strengthen their assets in Iberian peninsula

>A twin acquisition to strengthen the regulated/contractual profile - EDP has announced, as part of a partnership with Macquarie, the acquisition of Viesgo’s regulated electricity distribution and renewable energy generation assets. The rationale with this transaction is to: 1/ strengthen EDP’s defensive profile with a distribution network that brings together the group’s positions in the north of Spain (Asturia), in a stable regulatory framework until 2025, 2/ allow ...

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) - ...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2020

We are upgrading our rating on Publicis from Neutral to Buy with a target price of € 38 vs € 34 previously. The stock looks like an attractive vehicle to capitalise on an advertising catch-up over the end of the year. The valuation is still weak whilst structural risks are gradually subsiding under the effect of a more balanced relationship between advertisers and advertising agencies in the context of the pandemic. Our valuation factors in stability in the long term (+0.5% vs -0.5%) ...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2020

Nous relevons notre recommandation sur Publicis de Neutre à Achat, avec un nouvel objectif de cours de 38 € contre 34 € précédemment. Le titre est un véhicule attractif pour profiter d’un rattrapage publicitaire sur la fin d’année. La valorisation est toujours aussi faible, alors que les risques structurels se dissipent progressivement, sous l’effet d’une relation annonceurs/agences plus équilibrée dans le contexte de la crise actuelle. Notre valorisation intègre une stabilité à long ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

EDP RENOVAVEIS sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of EDP RENOVAVEIS (ES), active in the Alternative Electricity industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 29, 2020, the closing price was EUR 13.86 and its target price was estimated at EUR 11.87.

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...

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