Edp Renovaveis: H1-18 results broadly in line with expectations, despite poor load factors & FX headwind
Edp Renovaveis: (NEUTRAL, Fair Value EUR7,5 (-15%))H1-18 results broadly in line with expectations, despite poor load factors & FX headwind
EDP Renovaveis unveiled this morning H1-2018 results broadly in line with expectations with EBITDA and net income reaching EUR686m (consensus at EUR685m) and EUR139m (consensus at EUR136m) respectively. In the near future, the investment case of EDPR is unlikely to be driven by quarterly earnings release. All eyes remain on CTG’s bid on EDP and the potential teaming up of the Chinese company with another European utility regarding EDPR.
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.
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.
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