IBE Releases 9M Results In Line With Expectations and Confirms FY Guidance; Shares Fairly Valued
We reiterate our EUR 6.50 fair value estimate and no-moat, stable trend ratings after Iberdrola released nine-month results in line with consensus expectations and confirmed its 2018 guidance. The shares are fairly valued. EBITDA grew 24% to EUR 6.7 billion, while underlying net profit decreased by 13% to EUR 2.1 billion due to significant 2017 positive one-offs.ÂEBITDA growth accelerated to 34% in the third quarter from 17% in the first half. EBITDA for the generation and supply division grew ...
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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