EDP-Energias de Portugal S.A.

EDP Energias de Portugal is a utility company engaged as a generator, distributor and supplier of electricity in Portugal, and as an electricity generation company and a gas distributor in the Iberian Peninsula. In addition, Co. is a wind power operator with windfarms for energy generation in the Iberian Peninsula, the U.S., Canada, Brazil, France, Belgium, Italy, Poland and Romania and is engaged in developing wind projects in the U.K. Co. is also engaged in generating solar photovoltaic energy in Portugal, Romania and the U.S, and in Brazil it is engaged as an operator in electricity generation. As of Dec 31 2015, Co. had 9.7 million electricity customers and 1.4 million gas customers.
  • TickerEDP
  • ISINPTEDP0AM0009
  • ExchangeEuronext Lisbon
  • SectorElectricity
  • CountryPortugal

Analysts

Bruno Cavalier ...
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/20/2019

...

Bruno Cavalier ...
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/05/2019

...

Louis Boujard ...
  • Philippe Ourpatian

EDP : Confident message despite very adverse conditions in Q1 2019

>Buy recommendation and € 4.0 target price maintained - Following the conference call in the wake of the group’s Q1 2019 figures, management’s stance is reassuring on the specific nature of Q1 2019 in terms of operating conditions. We are maintaining our Buy recommendation and our target price of € 4.0, based on the average between the DCF model (€ 4.04 with a WACC of 4.65% and an unchanged perpetual growth rate of 1.20%) and the SOTP valuation (€ 3.97). At our target...

Louis Boujard ...
  • Philippe Ourpatian

EDP : Un message de confiance en dépit d’un T1 2019 remarquablement adverse

>Recommandation Achat et OC 4.0 € maintenus - A l’issue de la conférence téléphonique post publication du T1 2019, le discours du management ressort rassurant sur la particularité du T1 2019 en termes de conditions d’exploitation. Nous maintenons notre recommandation Achat et notre objectif de cours à 4.0 €, fondé sur une moyenne entre le DCF (4.04 € avec un CMPC de 4.65% et un taux de croissance à l’infini de 1.20% inchangé) et la somme des parties (3.97 €). A notre ...

Helena Barbosa

EDP - 1Q19 results and CC highlights

EDP - Energias de Portugal, S.A.: Semi-annual update to credit analysis

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 5 January 2018 Update RATINGS EDP - Energias de Portugal, S.A. Domicile Portugal Long Term Rating Baa3 Type LT Issuer Rating Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Niel Bisset +44.20.7772.5344

Moody's: El fortalecimiento de las energias renovables en Iberia compensara la reduccion de la potencia instalada de las centrales electricas de carbon y estabilizara los precios

Announcement: Moody's: El fortalecimiento de las energías renovables en Iberia compensará la reducción de la potencia instalada de las centrales eléctricas de carbón y estabilizará los precios. Global Credit Research- 22 Nov 2017. London, 22 November 2017-- La capacidad eólica y solar en la Península Ibérica tiene perspectivas de crecimiento para los próximos años a medida que España reanude sus inversiones en energías renovables, compensando el cierre de...

Moody's: Reinvigorated Iberian renewables market to offset shrinking coal capacity, stabilize prices

Announcement: Moody's: Reinvigorated Iberian renewables market to offset shrinking coal capacity, stabilize prices. Global Credit Research- 22 Nov 2017. London, 22 November 2017-- Wind and solar capacity in the Iberian Peninsula looks set to rise in coming years as Spain resumes investments in renewables, thereby offsetting coal power station closures and stabilizing regional power prices, says Moody's Investors Service in a report published today.

EDP - Energias de Portugal, S.A.: Tariff cut in 2018 reflects lower interest rates, lower tariff deficit

INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 18 October 2017 RATINGS EDP - Energias de Portugal, S.A. LT Issuer Rating Baa3 Senior Unsecured Baa3 Outlook Stable Contacts Niel Bisset +44.20.7772.5344 Senior Vice President [email protected] Neil Griffiths- Lambeth +44.20.7772.5543 Associate Managing Director [email protected] Jonathan Dolbear +44.20.7772.1099 Associate Anal

Moody's: Spanish utilities Endesa, Gas Natural gain after scooping up new renewables capacity

Announcement: Moody's: Spanish utilities Endesa, Gas Natural gain after scooping up new renewables capacity. Global Credit Research- 14 Sep 2017. London, 14 September 2017-- Spain's latest series of renewables capacity auctions is credit positive for large utilities, which won almost a quarter of the new capacity, as it supports their strategies to expand emissions-free generation, says Moody's Investors Service in a report published today.

Bruno Cavalier ...
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/20/2019

...

Bruno Cavalier ...
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/05/2019

...

Louis Boujard ...
  • Philippe Ourpatian

EDP : Confident message despite very adverse conditions in Q1 2019

>Buy recommendation and € 4.0 target price maintained - Following the conference call in the wake of the group’s Q1 2019 figures, management’s stance is reassuring on the specific nature of Q1 2019 in terms of operating conditions. We are maintaining our Buy recommendation and our target price of € 4.0, based on the average between the DCF model (€ 4.04 with a WACC of 4.65% and an unchanged perpetual growth rate of 1.20%) and the SOTP valuation (€ 3.97). At our target...

Louis Boujard ...
  • Philippe Ourpatian

EDP : Un message de confiance en dépit d’un T1 2019 remarquablement adverse

>Recommandation Achat et OC 4.0 € maintenus - A l’issue de la conférence téléphonique post publication du T1 2019, le discours du management ressort rassurant sur la particularité du T1 2019 en termes de conditions d’exploitation. Nous maintenons notre recommandation Achat et notre objectif de cours à 4.0 €, fondé sur une moyenne entre le DCF (4.04 € avec un CMPC de 4.65% et un taux de croissance à l’infini de 1.20% inchangé) et la somme des parties (3.97 €). A notre ...

Helena Barbosa

EDP - 1Q19 results and CC highlights

A director bought 70,143,242 shares at 2.964EUR and

A director at Energias De Portugal Sa Edp bought 70,143,242 shares at 2.964EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Alain William ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2019

Offshore and FPSO-type floating production systems will remain key for the future balance of the oil market. Between now and 2035, new offshore projects producing an additional 20 mb/d will have to be launched! We expect an acceleration in momentum in this segment after several years of underinvestment. SBM Offshore, on which we adopt a Buy recommendation (vs Neutral) with a target price of € 22, is the key player in this segment in our view. We remain more cautious on players with a ...

EDP ENERGIAS DE PORTL.SA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of EDP ENERGIAS DE PORTL.SA (PT), active in the Conventional Electricity industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date May 7, 2019, the closing price was EUR 3.30 and its potential was estimated at EUR 3.66.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

EDP Energias de Portugal - AGM 24 April 2019

In item 6, shareholders are called to an advisory vote on the remuneration policy for executive members. The overall remuneration amounts are reasonable, but we regret that a significant component of the variable remuneration (20% of the bonus and 35% of the long-term incentive) is based on a qualitative assessment and does not depend on predefined performance conditions. Furthermore, the annual bonus and the long-term incentive almost entirely depend on the same performance conditions (TSR, EPS, net debt to EBITDA and OCF), only 7% of the bonus depending on different criteria, this results in...

Energias De Portugal – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In item 6, shareholders are called to an advisory vote on the remuneration policy for executive members. We have serious concerns over the possibility to award discretionary bonuses, also considering that a significant component of the variable remuneration (20% of the bonus and 35% of the long-term incentive) is based on a qualitative assessment of the Board. Furthermore, we note that 97% of the long-term incentive is based on the same performance metrics used to calculate the annual bonus (TSR, EPS, debt-to-EBITDA and OCF), so that executives are paid twice for achieving the same target. Hen...

Jérôme VINERIER

Analyse court terme - Energias De Portugal SA : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 2,939 €. La tendance de fond serait remise en cause en cas de franchissement de 3,549 €.

Jérôme VINERIER

Short term view - Energias De Portugal SA : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €2.939. The background trend would be questioned should prices rise above €3.549.

Jérôme VINERIER

Short term view - Energias De Portugal SA : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €2.939. The background trend would be questioned should prices rise above €3.549.

Jérôme VINERIER

Analyse court terme - Energias De Portugal SA : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 2,939 €. La tendance de fond serait remise en cause en cas de franchissement de 3,549 €.

Valérie GASTALDY

Medium term view - Energias De Portugal SA : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €3.100. A break below €3.100 would challenge the trend.

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