Iberdrola Lowers Its 2017 Net Profit; Shares Are Slightly Overvalued
We reaffirm our EUR 6.50 fair value estimate and no-moat and stable moat trend ratings for Iberdrola after the company reported weak nine-month results, albeit anticipated by the consensus. The group now targets growth in 2017 net profit versus mid-single-digit growth targeted at half-year results. Our 2017 net profit estimate implies 1% growth, so we are not changing it. The group's diversification enables it to mitigate the adverse backdrop in Spain and in the U.K. in liberalized businesses. P...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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