EDP : Volatile year in 2020, return to growth in 2021
>Outperform rating and € 6.0 target price maintained - 2020 recurrent earnings missed our expectations owing to tough operating conditions, very adverse forex trends and a higher-than-expected volume of non-recurrent items. The group benefited in Q4 from a return to nearly normal business conditions. This expected upturn in the market, coupled with the group’s solid capacity for resilience, underpins our Outperform rating on the stock. Looking beyond these operating a...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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