Iberdrola Raises 2019 Guidance After Good Start to Year; Shares Rich
We reiterate our fair value estimate of EUR 7 per share along with our no-moat, stable trend ratings after Iberdrola released first-quarter results above expectations and raised its full-year guidance. The shares appear overvalued. EBITDA increased 12% to EUR 2.6 billion, 4% above the consensus and above our 6% full-year growth estimate. Net profit increased 15% to EUR 0.96 billion, 10% above the consensus. On top of EBITDA growth, net profit was bolstered by limited depreciation growth on regul...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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