A hefty investment plan will not materially improve Iberdrola's low return on capital.
We reiterate our EUR 6.50 fair value estimate and no-moat, stable trend ratings after Iberdrola released first-half results and confirmed its 2018 guidance. The shares are fairly valued. EBITDA grew 24% to EUR 4.44 billion, in line with consensus expectations, while underlying net profit came in at EUR 1.37 billion, up by 27% but a bit shy of consensus expectations.ÂEBITDA growth slowed down to 10% in the second quarter from 24% in the first quarter. Key to that was generation and supply, where...
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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