Iberdrola : Q1 beat and 2023 growth guidance upgrade
>Outperform recommendation reiterated with an unchanged TP of € 13.8 - Q1 2023 results came in above our estimates and the consensus. In addition to the operating performance that was fuelled by much better operating conditions for generation, Iberdrola also benefitted from a faster-than-expected catch-up in tariffs in the UK. Management upgraded its guidance for net profit growth in 2023 and improved its credit ratios. We are sticking to our Outperform recommendation...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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