EDP : 9M 2021 performance penalised by various adverse factors
>Outperform rating and € 6.0 TP reiterated - The group’s recurring earnings for 9M 2021 came out in line with the FactSet consensus and a little higher than we expected. The figures are tricky to interpret because of scope changes, variations in capital gains from disposals of renewable energy assets incorporated into EBITDA, and unfavourable base effects (in Q1 2020 the Energy Management division had benefited from exceptionally volatile conditions). We reiterate our...EDP Energias de Portugal is a utility company engaged as a generator, distributor and supplier of electricity in Portugal, and as an electricity generation company and a gas distributor in the Iberian Peninsula. In addition, Co. is a wind power operator with windfarms for energy generation in the Iberian Peninsula, the U.S., Canada, Brazil, France, Belgium, Italy, Poland and Romania and is engaged in developing wind projects in the U.K. Co. is also engaged in generating solar photovoltaic energy in Portugal, Romania and the U.S, and in Brazil it is engaged as an operator in electricity generation. As of Dec 31 2015, Co. had 9.7 million electricity customers and 1.4 million gas customers.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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