Iberdrola : Un S1 2020 un peu inférieur aux attentes pour une année atypique
>Recommandation Achat et OC 12.0 € maintenus - En dépit d’une publication semestrielle légèrement inférieure aux attentes, marquée par des éléments conjoncturels négatifs (COVID, régulation, changes), nous maintenons notre opinion Achat et notre objectif de cours de 12.0 €. Cette valorisation se fonde sur une moyenne entre un DCF (12.6 €) qui prend en compte les objectifs du plan stratégique 2022, une somme des parties (10.7 €), ainsi qu’une approche par comparables (...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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