EDP Renovaveis : 2023 under pressure, set for transition in 2024, but 2026 guidance intact
>Neutral rating and € 18.6 target price unchanged - The group’s 2023 results fell short of our expectations and those of the consensus, undermined by reduced wind resources and sharply lower MWh prices. Without providing quantitative 2024 EBITDA (only qualitative – moderate growth), the group is framing its sales based on production (42 TWh – 44 TWh) and a consolidated average price of between € 53/MWh and € 55/MWh. This last metric prompts us to adjust our 2024 EPS e...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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