Iberdrola : 9M 2021 figures in line, good news on Spain and for shareholders
>Outperform recommendation and € 12.0 target price maintained - Iberdrola’s 9M 2021 results were in line with our estimates. Apart from the figures at the end of September, the good news in this publication comes from the amendments decided by the Spanish government regarding the scope of application of the Royal Decree of 14 September concerning the translation of gas price into the wholesale electricity prices. The exclusion of volumes from fixed price contracts wil...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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