EDP Renovaveis : Recurrent 9M 2021 figures slightly under and focus on massive shift to Asia
>Underperform rating maintained but target adjusted to € 17.4 vs € 16.3 - Following these results, which fell slightly short of our expectations, we maintain our Underperform rating based on the relative intra-sector upside, but we are adjusting our target price to € 17.4 vs € 16.3. It is based on the average between a DCF valuation of € 18.7 (WACC of 5.42% and unchanged perpetual growth of 1.8%) and a sum-of-the-parts valuation of € 16.3. We have adjusted our model t...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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