A hefty investment plan will not materially improve Iberdrola's poor return on capital.
We are reaffirming our EUR 6.50 fair value estimate and no-moat and stable moat trend ratings for Iberdrola. The group reported 2017 results below our expectations at the EBITDA level. Its new five-year outlook points to cumulative free cash flow strictly in line with the former plan and underlying assumptions seem consistent to us, so we do not plan material changes to our fair value estimate. Investment will significantly increase while the new dividend policy is a bit disappointing. The divid...
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