Iberdrola : 2023 in line, modest growth anticipated for 2024 and a forthcoming CMD
>Outperform recommendation reiterated and target price of € 13.8 confirmed - Iberdrola has published 2023 results in line with the consensus and a shade below our own forecasts. As in previous quarters in 2023, the group benefited from an operational performance that was largely driven by far better operating conditions in generation, primarily in Spain, and from price catch-ups in the UK. The guidance for 2024, more cautious as announced at our latest Forum in Lyon, ...Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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