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

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

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.

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...

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

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 €.

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.

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch