EDP Renovaveis : 2024 affected by El Nino and later solar commissioning in US
>Neutral rating maintained and target price adjusted to € 18.6 vs € 20.50 - EDP and EDPR’s investor relations teams were present at our 27th Forum. Regarding EDPR, our discussions with the group prompt us to maintain our 2023 estimates, in line with the guidance but to revise our 2024 expectations mainly to reflect the continuation of reduced wind resources and solar capacity coming on stream more in H2 2024 in the US. We have reduced our 2024 EPS estimates by 29.1%. ...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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