EDP Renovaveis : 2021 boosted by capital gains, but the environment is improving
>Neutral vs Underperform and € 17.4 target price maintained - 2021 performances, after analysis and adjustment for non-recurring items included in EBITDA, came in slightly below our estimates. However, we upgrade our rating to Neutral vs Underperform based on the relative intra-sector potential but keep our € 17.4 target price based on the average between our DCF at € 17.03 (WACC 5.42% and perpetual growth of 1.8% unchanged) and our sum-of-the-parts at € 17.8. While o...EDP Renovaveis is a renewable energy company based in Spain. Co. is engaged in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, especially hydroelectric, mini-hydroelectric, wind, solar, thermal solar, photovoltaic, biomass and waste plants, among others. Co. designs, develops, manages and operates power plants. Co. generates electricity using renewable energy sources mostly wind energy. Co. owns EDP Renewables Europe that operates in several European countries and Horizon Wind Energy, which operates in the United States. Co. is a part of the Energias de Portugal group.
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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