Iberdrola : H1 slightly disappointing relative to forecasts but 2018 guidance not called into question
>Recommendation and target price maintained - The H1 2018 performance was in line at the operational level and a shade below our forecasts and those of the consensus for recurring net profit. This last point is the cause of the disappointment relative to the market at publication. That said, guidance which was raised at the time of the Q1 2018 publication has been confirmed, with a solid message regarding an outperformance at the operational level in H2 2018 vs H1 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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