Iberdrola : Turbulent year in 2021, but return to growth in 2022
>Outperform and target price of € 12.0 maintained - Like rivals EDP and Endesa, the 2021 results reported by Iberdrola are not easy to interpret. Besides the non-recurring items across the entire P&L, the group changed its reporting to better reflect the reality of its electrical businesses focused mainly on supplying customers Under these conditions only analysis based on the broad lines is possible. All told, the results reported came in above our forecasts and were...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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