Iberdrola : Une trajectoire de croissance balisée jusqu’en 2031. Surperformance vs Neutre
Les contours du plan 2026/2031, visant une augmentation des investissements dans les activités régulées notamment aux USA et au Royaume-Uni, confortent le profil de croissance et de résilience du groupe dans un environnement sectoriel volatil et politiquement sensible. L’intégration des premiers éléments du plan, dévoilés fin juillet, nous amène à rehausser notre OC à 18.7 € vs 16.5 €, soit un potentiel de 20.3%. Ainsi et compte tenu de la capacité historique du groupe à battre sa trajectoire stratégique, nous relevons notre recommandation à Surperformance (vs Neutre) en amont du CMD du 24 septembre qui devrait dévoiler les détails du nouveau plan stratégique.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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