Edp Renovaveis: Slight adjustments made following Q1 2018 earnings release; FV up to EUR7.5/sh.
Edp Renovaveis: (NEUTRAL, Fair Value EUR7,5 vs. EUR6,9 (-9%))Slight adjustments made following Q1 2018 earnings release; FV up to EUR7.5/sh.
Following the Q1 2018 earnings release, we have updated our figures on EDP Renovaveis. Our EPS estimates have notably been increased by c. 5.5% on average over 2018e-2020e, mainly on the back of a lower than expected cost of debt. As such, we have increased our FV to EUR7.50/share implying a slight upside vs. CTG’s EUR7.33/share mandatory tender offer. Our Neutral recommendation nevertheless remains unchanged as we still see no potential upside either vs. the current share price or vs. current consensus expectations.
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.
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