EDP Lowers 2017 Guidance; Shares Look Fairly Valued
We reaffirm our fair value estimate of EUR 3 per share following EDP's lowered full-year 2017 guidance, which is now in line with our estimates. The shares appear fairly valued. We would recommend staying away from them on account of an adverse regulatory backdrop in Portugal despite cost-cutting measures to offset it.ÂThe backdrop improved during the third quarter due to renewables. Excluding a one-off EUR 558 million linked to the disposal of the gas distribution business, nine-month EBITDA w...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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