Iberdrola S.A.

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.
  • TickerIBE
  • ISINES0144580Y14
  • ExchangeMadrid Stock Exchange
  • SectorElectricity
  • CountrySpain

Analysts

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/16/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : UK capacity market suspended!

>A surprise for operators in the UK - According to UK daily The Guardian, the UK plan to secure electricity supplies on the UK market in the winter months has been suspended after a ruling by the European Court of Justice that it constitutes illegal state aid following a complaint by an alternative electricity operator in the UK based on the methodology applied to determine the parameters of the capacity mechanism. Payments under the capacity market scheme representin...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/11/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : Marché du paiement de capacité britannique suspendu !

>Une surprise pour les opérateurs en GB - Selon le quotidien britannique The Guardian, le projet du Royaume-Uni visant à sécuriser l’alimentation en électricité du marché britannique durant les mois d’hiver a été suspendu par un jugement de la Cour de justice européenne fondée sur la caractérisation d’une aide d’État illégale, suite à la plainte d’un opérateur alternatif d’électricité au Royaume-Uni motivée par la méthodologie appliquée pour déterminer les paramètres ...

Jorge Guimarães

Iberian Energy Monthly: October: prices (finally) stabilizing

October saw a change in the trend of rising wholesale electricity prices in Iberia that characterized the previous months. The avg pool price reached Eur65.2/MWh, up 15% yoy, but 9% down vs September. Recent changes in taxation in Spain (temporary elimination of generation tax and exemption of green cent for gas plants) were finally in place, which should have played a part in this change. Together with that, some stabilization of input costs - CO2 (-9%) and gas (-2%) prices were down mom –, and a smaller thermal gap (-22% yoy to 7.7TWh), were also likely drivers for the reduction in the whole...

Iberdrola S.A.: Update to credit analysis

Our credit view of Iberdrola, reflecting the benefits from its scale, diversified business mix and solid financial profile.

Iberdrola S.A.: Key Facts and Statistics - FY Dec 2017

A summary company profile, detailing Iberdrola SA’s business operations and financial highlights.

ENEL S.p.A., Iberdrola S.A: Iberdrola's improved offer for Eletropaulo underlines appeal of Brazil

Comment on Enel/Iberdrola bids for Eletropaulo

ENEL S.p.A., Iberdrola S.A: Iberdrola's improved offer for Eletropaulo underlines appeal of Brazil

Comment on Enel/Iberdrola bids for Eletropaulo

Iberdrola S.A.: Update following outlook change to stable

Iberdrola's credit quality benefits from its scale, diversified business mix and solid financial profile

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/16/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : UK capacity market suspended!

>A surprise for operators in the UK - According to UK daily The Guardian, the UK plan to secure electricity supplies on the UK market in the winter months has been suspended after a ruling by the European Court of Justice that it constitutes illegal state aid following a complaint by an alternative electricity operator in the UK based on the methodology applied to determine the parameters of the capacity mechanism. Payments under the capacity market scheme representin...

Alfred Glaser ...
  • Anis Zgaya
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/11/2018

...

Anis Zgaya ...
  • Louis Boujard
  • Philippe Ourpatian

ODDO : Marché du paiement de capacité britannique suspendu !

>Une surprise pour les opérateurs en GB - Selon le quotidien britannique The Guardian, le projet du Royaume-Uni visant à sécuriser l’alimentation en électricité du marché britannique durant les mois d’hiver a été suspendu par un jugement de la Cour de justice européenne fondée sur la caractérisation d’une aide d’État illégale, suite à la plainte d’un opérateur alternatif d’électricité au Royaume-Uni motivée par la méthodologie appliquée pour déterminer les paramètres ...

Jorge Guimarães

Iberian Energy Monthly: October: prices (finally) stabilizing

October saw a change in the trend of rising wholesale electricity prices in Iberia that characterized the previous months. The avg pool price reached Eur65.2/MWh, up 15% yoy, but 9% down vs September. Recent changes in taxation in Spain (temporary elimination of generation tax and exemption of green cent for gas plants) were finally in place, which should have played a part in this change. Together with that, some stabilization of input costs - CO2 (-9%) and gas (-2%) prices were down mom –, and a smaller thermal gap (-22% yoy to 7.7TWh), were also likely drivers for the reduction in the whole...

1 director sold

A director at Iberdrola Sa sold 30,000 shares at 6.500EUR and the significance rating of the trade was 65/100. 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. The names of board me...

Alexandre Iatrides ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Roland Pfaender
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2018

With 2018e FCF (£ 450m +/- £ 100m before restructuring costs) expected to reflect a significant upturn from the low point of 2016 (£ 100m), the group’s medium-term target FCF of £ 1.8bn appears realistic. On this basis, we value the group at 1,120p per share and we are upgrading our recommendation from Neutral to Buy. Cf report published yesterday night. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Roland Pfaender
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2018

Avec un FCF 2018 (450 M£ +/- 100 M£ avant coût des restructurations) attendu en fort redressement par rapport au plus bas de 2016 (100 M£), l’objectif affiché par le groupe d’un FCF à 1.8 Md£ à moyen terme semble réaliste. Sur cette base, nous valorisons le groupe à 1 120 p par action et relevons notre recommandation de Neutre à Achat. - Cf étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Louis Boujard
  • Philippe Ourpatian
  • Vincent Maulay

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Louis Boujard
  • Philippe Ourpatian
  • Vincent Maulay

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2018

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Vincent Maulay
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/07/2018

...

Iberdrola

Iberdrola

Iberdrola

Iberdrola

Iberdrola

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Telecom Italia, Verizon, AT&T, Vodafone and Iberdrola

Telecom Italia (TITIM) reported satisfactory 1H18 results yesterday after the market close. Group revenue declined 2.7% to €9.5bn on a reported basis, but was up 1.5% organically. Service revenue growth amounted to 0.8% in 2Q18, after a rise of 3.1% in 1Q18. Overall, we view these results a supportive for spread and continue to value in Telecom Italia versus Telefónica. (For full story, Please click download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/CSPP, Iberdrola and Proximus

With the summer recess for markets in full swing it is good to see the CSPP programme that is loved to be hated by many, for once, being a huge support to the carry trade in credit. Over the last few weeks spreads have retraced from their wides and curves have flattened. In fairness the retracement has also been affected by the news flow on Italy and the trade war developments, but it is true to say the CSPP, as the continued single buyer of European credit, is doing the heavy lifting. Over the past 4 weeks CSPP has bought €2.2bn, €600bn, €792m with very little of that in primary paper (no mor...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Telecom Italia open to deal with Open Fiber

Telecom Italia (TITIM) is open to a combination of its fixed network with Open Fiber, according to CEO Amos Genish cited by multiple media sources. A next step would depend on Cassa Depositi e Prestiti (CDP), whose management is being reshuffled following the recent change of government, according to Reuters. Furthermore, TI is not interested in merging its entire network, as it would be difficult to for the enlarged entity to get a Regulated Asset Base status, according to the newswire. CDP is a shareholder in Telecom Italia and co-owns Open Fiber.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/UK government sells shares in RBS

The UK government has sold down its ownership in RBS (RBS) continuing disposing the bank shares that were acquired in the financial crisis. The disposed shares represent 7.7% of the shares of the bank and the action brings the government ownership down to 62.4% from 70.1%. The government raised £2.5bn in the share sale.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Deutsche Bank restructuring continues

Deutsche Bank (DB) continues its restructuring efforts especially in its CIB business, in addition to which it accelerates its cost saving efforts. We are cautious with the bank's fundamentals as the continuous restructuring pressures the bank's earnings also this year, which may also lead to rating downgrades.

Expert Corporate Governance Service (ECGS)

Proxy Report - 14/04/2018

Pursuant to Spanish legislation, the remuneration policy for the members of the Board of Directors must be subject to a binding shareholders' vote once every 3 years. As three years elapsed from the last vote on the policy of Iberdrola (2015 AGM),shareholders are called to approve the policy for the 2018-2020 period (item 11). No significant changes are proposed to the policy approved in 2015. We have serious concerns over the remuneration of non-executive Directors, which is very high (on average € 370'286 in 2017, and € 517'000 to the LID) and includestermination benefits capped at 180% the...

Jérôme VINERIER

Short term view - IBERDROLA : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €5.900.

Jérôme VINERIER

Analyse court terme - IBERDROLA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 5,900 €.

Jérôme VINERIER

Short term view - IBERDROLA : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €5.900.

Jérôme VINERIER

Analyse court terme - IBERDROLA : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 5,900 €.

Jérôme VINERIER

Analyse court terme - IBERDROLA : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 7,112 €.

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