Iberdrola Raises Its 2019 Guidance After a Good Set of 1H Results; Shares Rich
We reiterate our fair value estimate of EUR 7 per share along with our no-moat, stable trend ratings after the group delivered first-half results in line with consensus expectations and increased its 2019 net profit growth guidance. Shares appear overvalued.First-half EBITDA increased by 12.5% to EUR 4.99 billion, in line with consensus expectations. Reported net profit rose by 17% to EUR 1.64 billion. The fastest-growing division was generation and supply whose EBITDA jumped by 35% in the firs...
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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