Iberdrola : Strength, visibility and growth for 2023
>Outperform rating and target price of € 13.0 maintained - 2022 results came in slightly ahead of our expectations and the consensus. Amid inflation in energy costs that was not passed on to end clients, the 2022 performances show just how astute the strategy initiated by Iberdrola nearly 20 years ago is, with a natural balance between regulated activities and the development of renewable energies. The 2023 guidance for mid-single-digit growth in attributable net inc...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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