EDP Slightly Lowers its 2017 Guidance After a Poor Set of First-Quarter Results
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 a poor set of first-quarter results and slightly lowered its 2017 outlook. EBITDA came out at EUR 1 billion, down by 5% on a like-for-like basis and down by 11% on a reported basis. Reported net profit came out at EUR 215 million, down by 18%. Recurring net profit decreased by 1%. ÂIncrease in profitability of renewables and regulated networks in Iberia...
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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