Iberdrola Cancels 2017 EBITDA Target After Weak Underlying Half-Year Results
We reaffirm our EUR 6.50 fair value estimate and no-moat and stable moat trend ratings for Iberdrola after the company reported weak underlying half-year results and warned on its 2017 underlying profits. Still, through 2020, planned investments should support earnings growth. First-half EBITDA decreased 4% to EUR 3,752 million. That implies an improvement in the second quarter, during which underlying EBITDA declined 2% versus a drop of 8% in the first quarter. Net profit rose 4% to EUR 1.5 bil...Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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