EDP Renovaveis Reports First-Half Results; Fair Value Estimate and Outlook Unchanged
We are reiterating our fair value estimate for EDP Renovaveis. The company reported first-half earnings in late July, and results were in line with our expectations. Revenue and EBITDA were higher year over year on the back of capacity additions and higher load factors, which were able to negate the detraction of lower selling prices during the previous period. Although revenue and EBITDA were both up over 10% in the period, net profits were down 15% year over year due to one-time charges.ÂWe m...
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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