Iberdrola's Hefty Investments Support Earnings Growth in Medium Term, but ROICs Still Unappealing
Iberdrola lowered 2018-22 free cash flow in its updated 2022 outlook as increasing investments offset the higher EBITDA target. As we already wrote, we plan to increase our fair value estimate by a mid-single-digit rate following the publication of 2018 results last week. For the moment, we reiterate our fair value estimate of EUR 6.50 per share along with our no-moat, stable trend ratings. Among diversified Southern European utilities, we prefer Enel and Naturgy.Iberdrola increased its 2018-22...
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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