Iberdrola : H1 better than expected, a good level of confidence on 2022
>Outperform rating and € 12.0 target price maintained - The group’s H1 2022 results beat our expectations and those of the consensus. Against a backdrop of energy cost inflation and without it being passed onto end clients, its performance in H1 evidences the quality of the strategy set out by Iberdrola over 15 years ago with a natural balance between the regulated operations and the development of renewable energies. The 2022 guidance for net profit of between € 4.0b...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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