EDP's First-Quarter Results Hit by Poor Weather Conditions; Shares Fairly Valued
We reiterate our fair value estimate of EUR 3.26 along with our no-moat, stable trend ratings after EDP released mixed first-quarter results and reiterated its full-year guidance. Our fair value estimate is aligned with the takeover price from China Three Gorges.ÂRecurring EBITDA came in at EUR 921 million, flattish versus last year, though 4% above consensus' expectations. On the negative side, the largest division, renewables, experienced a 6% slide in recurring EBITDA, versus our negative 2%...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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