Iberdrola : A good strategy provides a good defence
>Outperform recommendation and target price of € 12.0 maintained - Q1 2022 figures came in a shade above our forecasts and those of the consensus. In a context of energy cost inflation and with this not being passed on to end-clients, the Q1 performance illustrates the pertinence of the strategy initiated by Iberdrola more than 15 years ago with a natural balance between the regulated activities and the development of renewable energies. The guidance for 2022 for attr...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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