Iberdrola S.A.

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
  • TickerIBE
  • ISINES0144580Y14
  • ExchangeMadrid Stock Exchange
  • SectorElectricity
  • CountrySpain
Research Department

IBERIAN DAILY 06 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, MEDIASET, OHL, SIEMENS GAMESA. MARKETS YESTERDAY AND TODAY Stock markets rose, fuelled by rumours on progress in vaccines and expectations of a tax agreement in the US European stock markets saw an increasing performance, driven by positive news on the development of a vaccine, the expectation of an imminent tax agreement in the US between democrats and republicans (under pressure given the poor employment data) and the decreasing pattern in the pace of new cases in the southern states. Following the rise, the S&P500 is

Research Department

INFORME DIARIO 06 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IBERDROLA, MEDIASET, SIEMENS GAMESA, OHL. EUROPA: ADIDAS, AXA, ING GROEP, SIEMENS, UNICREDIT, VIVENDI. Subida de las bolsas animadas por rumores de avances en vacunas y la expectativa de acuerdo fiscal en EE.UU. Evolución de menos a más de las bolsas europeas animadas por las noticias positivas relativas al desarrollo de una vacuna, la expectativa de un pronto acuerdo fiscal en EE.UU. entre demócratas y republicanos (presionados por los malos datos de empleo) y la senda descendiente en el ritmo de contagios en los estados del sur. Tras la subida ...

Iberdrola Sa: 1 director sold

A director at Iberdrola Sa sold 150,000 shares at 11.100EUR and the significance rating of the trade was 100/100. 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 names of board...

Research Department

INFORME DIARIO 30 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, BBVA, CAF, ENCE, FERROVIAL, IBERDROLA, INDRA, MASMOVIL, MERLIN, NEINOR, NH HOTELES EUROPA: AIRBUS, AIR LIQUIDE, AB INVEB, AIRBUS, SAFRAN, TOTAL, VOLKSWAGEN El Ibex de nuevo a la cola de Europa Jornada relativamente tranquila en la mayoría de los índices europeos salvo el Ibex, lastrada por los bancos y los valores turísticos. Así, dentro del Euro STOXX encabezaron las ganancias Inmobiliario y Retail frente Bancos y Autos que registraron las mayores caídas. Por el lado macro, en EE.UU. los inventarios mayoristas cayeron más de lo esperad...

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...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Jérôme VINERIER

Analyse court terme - IBERDROLA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 5,900 €.

Jérôme VINERIER

Short term view - IBERDROLA : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €5.900.

Jérôme VINERIER

Short term view - IBERDROLA : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €5.900.

Jérôme VINERIER

Analyse court terme - IBERDROLA : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 5,900 €.

Jérôme VINERIER

Analyse court terme - IBERDROLA : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 7,112 €.

Iberdrola Sa: 1 director sold

A director at Iberdrola Sa sold 150,000 shares at 11.100EUR and the significance rating of the trade was 100/100. 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 names of board...

Research Department

IBERIAN DAILY 06 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, MEDIASET, OHL, SIEMENS GAMESA. MARKETS YESTERDAY AND TODAY Stock markets rose, fuelled by rumours on progress in vaccines and expectations of a tax agreement in the US European stock markets saw an increasing performance, driven by positive news on the development of a vaccine, the expectation of an imminent tax agreement in the US between democrats and republicans (under pressure given the poor employment data) and the decreasing pattern in the pace of new cases in the southern states. Following the rise, the S&P500 is

Research Department

INFORME DIARIO 06 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IBERDROLA, MEDIASET, SIEMENS GAMESA, OHL. EUROPA: ADIDAS, AXA, ING GROEP, SIEMENS, UNICREDIT, VIVENDI. Subida de las bolsas animadas por rumores de avances en vacunas y la expectativa de acuerdo fiscal en EE.UU. Evolución de menos a más de las bolsas europeas animadas por las noticias positivas relativas al desarrollo de una vacuna, la expectativa de un pronto acuerdo fiscal en EE.UU. entre demócratas y republicanos (presionados por los malos datos de empleo) y la senda descendiente en el ritmo de contagios en los estados del sur. Tras la subida ...

Research Department

INFORME DIARIO 30 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, BBVA, CAF, ENCE, FERROVIAL, IBERDROLA, INDRA, MASMOVIL, MERLIN, NEINOR, NH HOTELES EUROPA: AIRBUS, AIR LIQUIDE, AB INVEB, AIRBUS, SAFRAN, TOTAL, VOLKSWAGEN El Ibex de nuevo a la cola de Europa Jornada relativamente tranquila en la mayoría de los índices europeos salvo el Ibex, lastrada por los bancos y los valores turísticos. Así, dentro del Euro STOXX encabezaron las ganancias Inmobiliario y Retail frente Bancos y Autos que registraron las mayores caídas. Por el lado macro, en EE.UU. los inventarios mayoristas cayeron más de lo esperad...

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...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Centrica sells Direct Energy to NRG Energy: what read-across for Europe?

>Centrica sells its US energy marketing business to NRG Energy - Centrica announced the sale of its subsidiary Direct Energy, which markets energy (electricity and gas) in the US, to American group NRG Energy. The enterprise value in the deal works out at $ 3,625m. Direct Energy is one of the biggest retail electricity and natural gas suppliers in North America. Direct Energy has its head offices in Houston, Texas, and regional offices in the US and Canada. The group ...

ING
Nadège Tillier

Naturgy and Iberdrola/1H20 results: a tale of two business models

Naturgy and Iberdrola released their first half 2020 results. The second quarter 2020 confirmed the trends seen in the first quarter with the Covid-19 pandemic impacting both companies with a differentiated intensity. Despite not being immune from the Covid-19 effects, Iberdrola continued to show strong results that we consider credit supportive with LTM 1H20 credit ratios in line with 2019. As far as Naturgy is concerned, the business model has been more acutely impacted by the pandemic with much lower gas demand and prices. Management lowered its YE20 EBITDA outlook from €4.7bn to €4bn and c...

Iberdrola S.A.: Update to credit analysis

Our credit view of Iberdrola, reflecting the benefits from its scale and diversified business mix, and its solid financial profile.

ING
Nadège Tillier

IG European Utilities/Not all utilities are equal in the safe haven

The large majority of corporates will be negatively impacted by the Covid-19 pandemic, but some more than others. European utilities are seen as part of the safe havens. We agree with this but only to a certain extent. The Utilities sector is certainly less volatile than other consumer-related sectors. However, not all utilities are equal in front of the pandemic. Our view is that regulated network companies will suffer the least, while those largely exposed to power and gas generation and supply will be the hardest hit. The negative impact will be delayed by around 12 months for integrated an...

Iberdrola S.A.: Update to credit analysis

Our credit view of Iberdrola, reflecting the benefits from its scale and diversified business mix, and its solid financial profile.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 31/10/2019 - BNP Paribas - EN

TP ICAP - Europe - Morning CreditUpdate 31/10/2019 - BNP Paribas - EN

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...

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

ODDO BHF Small & MIDCAP MORNING NEWS - 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2020

...

IBERDROLA SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of IBERDROLA SA (ES), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 7, 2020, the closing price was EUR 10.84 and its potential was estimated at EUR 11.38.

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)

Iberdrola – AGM 2 April 2020

In item 15, an advisory vote on Directors’remuneration is proposed. The quality of disclosure is very good, however, we have serious concerns over the very high fixed remuneration paid to executive and non-executive Directors, and we strongly oppose the provision of termination benefits for non-executive Directors, as it may impair their independence.  For the same reason, we recommend opposition to item 16, to approve the 2020-2022 incentive plan as it will further increase executive remuneration. 

Expert Corporate Governance Service (ECGS)

Iberdrola - AGM 2 April 2020

In item 15, an advisory vote on Directors’remuneration is proposed. The quality of disclosure is very good, however, we have serious concerns over the very high fixed remuneration paid to executive and non-executive Directors, and we strongly oppose the provision of termination benefits for non-executive Directors, as it may impair their independence. For the same reason, we recommend opposition to item 16, to approve the 2020-2022 incentive plan as it will further increase executive remuneration.

Expert Corporate Governance Service (ECGS)

Iberdrola, March 29 2019

In item 5, the Board proposes several amendments to the Bylaws to formalize Iberdrola's commitment to the Sustainable Development Goals approved by the United Nations ("SDGs"). The proposed amendments are in line with Iberdrola's General Sustainable Development Policy and the strategic pillars under its 2018-2022 Plan. We commend the Company for its commitment to sustainable value creation, awareness of social impact and engagement with all stakeholders. Hence, we recommend approval. In item 11, shareholders are called to an advisory vote on the Annual Director Remuneration Report. The qualit...

Iberdrola – Proxinvest Corporate Governance Rating ® : B

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 - 14/04/2018

Pursuant to Spanish legislation, the remuneration policy for the members of the Board of Directors must be subject to a binding shareholders' vote once every 3 years. As three years elapsed from the last vote on the policy of Iberdrola (2015 AGM),shareholders are called to approve the policy for the 2018-2020 period (item 11). No significant changes are proposed to the policy approved in 2015. We have serious concerns over the remuneration of non-executive Directors, which is very high (on average € 370'286 in 2017, and € 517'000 to the LID) and includestermination benefits capped at 180% the...

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