Iberdrola : Towards an acceleration, Q3 2019 in line and 2019 guidance confirmed
>Neutral recommendation maintained but target price adjusted to € 8.60 vs € 7.45 - 9M 2019 performances were broadly in line with our expectations and those of the consensus. 2019 attributable net profit growth guidance was confirmed. We maintain unchanged our 2019 estimates, which we adjusted following the upward revision to 2019 guidance levels last July. In contrast, we are adjusting our price target to € 8.60 vs € 7.95 (average SOP at € 8.30 and DCF € 8.9), after ...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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