EDP : A Q1 2022 combining all headwinds
>Outperform recommendation and target price of € 6.0 maintained - The Q1 2022 results beat our estimates for EBITDA and EBIT but were well below them for attributable net profit, penalised by the Iberia zone with historic weakness in hydrology and high wholesale prices. Ahead of the conference call today and following Enel’s results for the same zone, we think that most of these headwinds will be able to be absorbed by EDP, as highlighted in its press release. On this...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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