Iberdrola : A complicated 2020, but 2025 trajectory intact
>Outperform maintained but target price adjusted to € 12.80 vs € 12.0 - The publication of 2020 results, which were a shade below our expectations, does not impact the group’s strategic trajectory. The message of confidence delivered by management remains based on a significant effort in the development of renewable capacity and continued growth in distribution networks. On this basis, we maintain our Outperform recommendation opinion, but adjust our target price to €...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.
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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