Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

EDP : A year of transition marked by non-recurring elements and energy management

>Buy recommendation and target price adjusted to € 5.0 - Despite a year that we consider to be one of transition as hit by multiple positive non-recurring items (capital gains) and negative (writedowns and provisions) non-recurring items, we believe that the stock still has hidden value that justifies maintaining our buy recommendation and raising our target price to €5.0 (vs €4.5). The latter is based on an average between the DCF (€ 4.98), with a WACC of 4.61%, an u...
Underlying
EDP-Energias de Portugal SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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