EDP : Disproportionate penalty for uncertainty over availability of CMEC units
>No change to our recommendation and target price - Based on the publication and inclusion of the adjustment to EDP’s reported net profit guidance for 2018, we maintain our Buy recommendation and target price of € 4.1. It is derived from a speculative approach based on an average between historical mid-cycle and peak cycle multiples, taking account of the price offered by China Three Gorges (CTG) in its public offer for EDP shares at € 3.26, which we consider is not r...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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