Iberdrola Sets 2018 Guidance a Bit Above Expectations After Good 1Q; Positive Read-Across for Peers
Iberdrola set 2018 net income guidance above our expectations after releasing good first-quarter results. We do not expect to change our long-term expectations and therefore reiterate our EUR 6.50 fair value estimate and no-moat, narrow trend rating. The shares look slightly undervalued. The 2017 dividend is set at EUR 0.323 per share, versus EUR 0.32 announced at full-year results, implying a 5.1% dividend yield.ÂEBITDA grew 24% to EUR 2.3 billion, slightly above expectations. Organically, pro...
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