EDP : H1 2019 still difficult, asset rotations helped save the day
>Buy recommendation and TP of € 4.0 maintained - Following the release of the H1 2019 numbers, which came in a little shy of our expectations but in line with the consensus, we are maintaining our Buy recommendation and our target price of € 4.0, based on an average between our DCF (€ 4.04, with a WACC of 4.65% and a perpetuity growth rate of 1.20% unchanged) and our sum of the parts (€ 3.97). At our target price, the EV multiples point to a premium of just 8% to the ...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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