EDP Reports Strong Results Driven By Hydro Production In Iberia; Dividend Remains Attractive
We are reaffirming our EUR 3.30 per share fair value estimate and our no-moat and stable moat trend ratings after Energias de Portugal reported strong 2016 nine-month adjusted earnings and reaffirmed full-year guidance. The very good results were again driven by the generation & supply segment, representing over 30% of consolidated EBITDA. Segment earnings were up 17% versus the same period last year as hydro production in Iberia more than doubled and wind farm generation capacity growth in ...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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