Iberdrola : “Acceleration†of 2019 growth guidance
>Neutral recommendation and target price of € 7.45 maintained - The Q1 2019 figures came in above our forecasts and those of the consensus. 2019 growth guidance for EBITDA and attributable net profit have been revised up from “mid-single digit†(? 5%-6%) to “high single digit†(?8%-9%). However, part of this upward revision is attributable to non-recurring elements vs the trajectory of the updated strategic plan, unveiled on 26 February 2019. On a recurring base, our ...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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