Iberdrola Posts Strong Results; Construction Program Should Result in Strong Earnings Growth
We are reaffirming our EUR 6 per share fair value estimate and our no-moat and stable moat trend ratings for Iberdrola SA after the company reported strong 2016 nine-month results and announced that it would increase the interim dividend payable in January by 8% to EUR 0.135 per share. The strong year-to-date results and dividend increase give us additional confidence in our 2016 EPS estimate of EUR 0.40 per share, approximately 12% higher than 2015 full-year recurring earnings.We had been expe...
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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