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

ING
Nadège Tillier

Green bonds/There is no such thing as perfect green

The financial markets registered an equivalent of €93bn of new issued self-labelled green bonds in 2018. The volume is slightly lower than in 2017 that saw the amount of new green bonds reaching over the €100bn bar (c.€105bn). However, we expect 2019 to be another strong year driven by financial institutions and political initiatives. For investors, there is still the expectation of a more diversified green bond market. Looking at corporates (excluding financial institutions), Utilities still dominate issuance by far. We expect (inaugural) green bonds from other corporates belonging to other s...

Jorge Guimarães

Iberian Energy Monthly: December: little wind, steady prices

The last month of the year was characterized by a stabilization of pool prices, as avg of Eur61.9/MWh was still 7% up yoy but flat mom. December was poor in terms of wind resources (output of 5.4TWh, 24% down yoy, 1% < 5Y avg), but since demand in Iberia was also weaker (25.6TWh, -4% yoy, also 1% < 5Y avg) this did not have a significant impact on prices, moreover because hydro production continues to compare very favourably with a very dry 2017 (hydro production reached 3.9TWh, +80% yoy, 19% > 5Y avg), meaning the thermal gap was down 20% yoy to 7.3TWh. For 4Q18, avg pool price in the quarter...

IBERDROLA SA reduced its risk exposure resulting in an upgrade to Positive

IBERDROLA SA (ES), a company active in the Conventional Electricity industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date December 21, 2018, the closing price was EUR 7.01 and its potential was estimated at EUR 7.36.

Jean-Christophe Dourret

Iberdrola : Iberdrola - 6 Dec 2018

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Jean-Christophe Dourret

Iberdrola : Iberdrola - 6 dec 2018

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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

Jorge Guimarães

Iberian Energy Monthly: December: little wind, steady prices

The last month of the year was characterized by a stabilization of pool prices, as avg of Eur61.9/MWh was still 7% up yoy but flat mom. December was poor in terms of wind resources (output of 5.4TWh, 24% down yoy, 1% < 5Y avg), but since demand in Iberia was also weaker (25.6TWh, -4% yoy, also 1% < 5Y avg) this did not have a significant impact on prices, moreover because hydro production continues to compare very favourably with a very dry 2017 (hydro production reached 3.9TWh, +80% yoy, 19% > 5Y avg), meaning the thermal gap was down 20% yoy to 7.3TWh. For 4Q18, avg pool price in the quarter...

Jean-Christophe Dourret

Iberdrola : Iberdrola - 6 Dec 2018

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Jean-Christophe Dourret

Iberdrola : Iberdrola - 6 dec 2018

...

Jorge Guimarães

Iberian Energy Monthly: November: price stabilization continues

The month of November was characterized by the continued stabilization of wholesale electricity prices (pool prices) in Iberia, which started in October, and was helped by the changes in taxation introduced by the Spanish government for Q4. The avg pool price reached Eur62.1/MWh in the month, still up 5% yoy, but 5% lower mom and 13% below the September high. Iberian electricity demand reached 25.2TWh, +1% yoy (YTD accumulated demand +1.4%), but since wind, hydro and nuclear productions were higher vs last year (+20%/+110%+6% to 5.9/3.1/3.8TWh, respectively), the thermal gap was down 22% yoy (...

Pedro Echeguren

Spanish Renewable Electricity: Coming regulatory changes

Spanish Renewable Electricity: Coming regulatory changes Two targets: Make electricity greener and cheaper Forthcoming measures Companies: Winners and losers

1 director sold

A director at Iberdrola Sa sold 13,050 shares at 6.710EUR and the significance rating of the trade was 57/100. 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 SA reduced its risk exposure resulting in an upgrade to Positive

IBERDROLA SA (ES), a company active in the Conventional Electricity industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date December 21, 2018, the closing price was EUR 7.01 and its potential was estimated at EUR 7.36.

Iberdrola

Iberdrola

Iberdrola

Iberdrola

ING
Nadège Tillier

Green bonds/There is no such thing as perfect green

The financial markets registered an equivalent of €93bn of new issued self-labelled green bonds in 2018. The volume is slightly lower than in 2017 that saw the amount of new green bonds reaching over the €100bn bar (c.€105bn). However, we expect 2019 to be another strong year driven by financial institutions and political initiatives. For investors, there is still the expectation of a more diversified green bond market. Looking at corporates (excluding financial institutions), Utilities still dominate issuance by far. We expect (inaugural) green bonds from other corporates belonging to other s...

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.

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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