Iberdrola : H1 2019 in line, but 2019 guidance revised up
>Neutral recommendation maintained but target price adjusted to € 7.93 vs € 7.45 - H1 2019 performances were broadly in line with our expectations and those of the consensus. 2019 guidance for attributable net profit growth has been revised further up from “high single digit†(?8%/9%) to “low double digit†(=10%). Although part of this upward revision is due to non-recurring elements relative to the updated trajectory of the strategic plan, unveiled on 26 February 201...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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