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

Victor Peiro Pérez

IBERDROLA - Estimates and valuation revised upward

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/04/2019

...

Louis Boujard ...
  • Philippe Ourpatian

Iberdrola : “Acceleration” of 2019 growth guidance

>Neutral recommendation and target price of € 7.45 maintained - The Q1 2019 figures came in above our forecasts and those of the consensus. 2019 growth guidance for EBITDA and attributable net profit have been revised up from “mid-single digit” (? 5%-6%) to “high single digit” (?8%-9%). However, part of this upward revision is attributable to non-recurring elements vs the trajectory of the updated strategic plan, unveiled on 26 February 2019. On a recurring base, our ...

Louis Boujard ...
  • Philippe Ourpatian

Iberdrola : « Accélération » de la guidance 2019 de croissance

>Opinion Neutre et OC à 7.45 € maintenus - Les performances du T1 2019 sont ressorties au-dessus de nos attentes et de celles du consensus. Les guidances 2019 de croissance de l’EBITDA et de RNpg ont été relevées de « mid single digit » (? 5%/6%) à « high single digit » (?8%/9%). Toutefois, une partie de ce relèvement est imputable à des éléments non récurrents par rapport à la trajectoire du plan stratégique actualisé, dévoilé le 26/02/2019. Sur une base récurrente, ...

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

Victor Peiro Pérez

IBERDROLA - Estimates and valuation revised upward

Louis Boujard ...
  • Philippe Ourpatian

Iberdrola : “Acceleration” of 2019 growth guidance

>Neutral recommendation and target price of € 7.45 maintained - The Q1 2019 figures came in above our forecasts and those of the consensus. 2019 growth guidance for EBITDA and attributable net profit have been revised up from “mid-single digit” (? 5%-6%) to “high single digit” (?8%-9%). However, part of this upward revision is attributable to non-recurring elements vs the trajectory of the updated strategic plan, unveiled on 26 February 2019. On a recurring base, our ...

Louis Boujard ...
  • Philippe Ourpatian

Iberdrola : « Accélération » de la guidance 2019 de croissance

>Opinion Neutre et OC à 7.45 € maintenus - Les performances du T1 2019 sont ressorties au-dessus de nos attentes et de celles du consensus. Les guidances 2019 de croissance de l’EBITDA et de RNpg ont été relevées de « mid single digit » (? 5%/6%) à « high single digit » (?8%/9%). Toutefois, une partie de ce relèvement est imputable à des éléments non récurrents par rapport à la trajectoire du plan stratégique actualisé, dévoilé le 26/02/2019. Sur une base récurrente, ...

Tancrede Fulop

Morningstar | Iberdrola Raises 2019 Guidance After Good Start to Year; Shares Rich

We reiterate our fair value estimate of EUR 7 per share along with our no-moat, stable trend ratings after Iberdrola released first-quarter results above expectations and raised its full-year guidance. The shares appear overvalued. EBITDA increased 12% to EUR 2.6 billion, 4% above the consensus and above our 6% full-year growth estimate. Net profit increased 15% to EUR 0.96 billion, 10% above the consensus. On top of EBITDA growth, net profit was bolstered by limited depreciation growth on regulatory extension of the Spanish nuclear plants' useful life. The fastest-growing division was genera...

Tancrede Fulop

Iberdrola Raises 2019 Guidance After Good Start to Year; Shares Rich

We reiterate our fair value estimate of EUR 7 per share along with our no-moat, stable trend ratings after Iberdrola released first-quarter results above expectations and raised its full-year guidance. The shares appear overvalued. EBITDA increased 12% to EUR 2.6 billion, 4% above the consensus and above our 6% full-year growth estimate. Net profit increased 15% to EUR 0.96 billion, 10% above the consensus. On top of EBITDA growth, net profit was bolstered by limited depreciation growth on regul...

1 director sold after exercising options/sold

A director at Iberdrola Sa sold after exercising options/sold 88,800 shares at 7.760EUR and the significance rating of the trade was 73/100. 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 ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/04/2019

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2019

This is the thirteenth update of our report on Corporate Governance large caps Europe. We have analysed 125 of the European companies covered by ODDO BHF analysts. In the Strong opportunities (1), we favour five stocks: Unibail Rodamco (Buy, target price € 190.0), AXA (Buy, target price € 28.0), Veolia (Buy, target price € 30.0), Danone (Buy, target price € 81.0) and Michelin (Buy, target price € 130.0). - Cf. report published today. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/02/2019

13ème mise à jour de notre étude Corporate Governance Large caps Europe. Nous avons étudié 125 valeurs, toutes suivies par les analystes d’Oddo BHF. Nous privilégions 5 valeurs dans les opportunités fortes : Unibail Rodamco (Achat, OC 190.0 €), AXA (Achat, OC 28.0 €), Veolia (Achat, 30.0 €), Danone (Achat, 81.0 €) et Michelin (Achat, 130.0 €). Cf. étude publiée ce matin. - ...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

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
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Ahold Delhaize, NIBC, Vodafone, AT&T, Iberdrola, A2A and Suez

Ahold Delhaize (ADNA) released its full 4Q18 and FY18 earnings report this morning, having already issued a trading statement on 23 January. Underlying operating income for the full year reached €2,554m, up from €2,456m in FY17 and a touch ahead of company compiled consensus. The underlying operating margin advanced from 3.9% to 4.1%. Ahold Delhaize enjoyed a solid final quarter, in which underlying operating profit grew to €691m (cons: €675m, 4Q17: €631m).

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

Coffee, Croissants & Credit/a.s.r., Telecom Italia, Wolters Kluwer, Iberdrola

a.s.r. (ASRNED) reported higher operating earnings, while the IFRS net income was pressured by poor investment income. The insurer improved its solvency II ratio and has ample room in its RT1 and T2 buckets. The full year combined ratio of the non-life business was a solid 96.5% in 2018, although up from 95.1% in 2017 due to the storm in January (+1pp). Life earnings were supported by the acquisition of Generali Nederland. a.s.r. has improved its solvency position. The insurer's solvency II ratio stood at 197% (standard formula) at end-2018, up from 194% in 1H18, leaving €843m room in its RT1 ...

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...

MarketLine Department

Fomento de Construcciones y Contratas S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Fomento de Construcciones y Contratas S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Fomento de Construcciones y Contratas S.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organ...

Expert Corporate Governance Service (ECGS)

Iberdrola, March 29 2019

In item 5, the Board proposes several amendments to the Bylaws to formalize Iberdrola's commitment to the Sustainable Development Goals approved by the United Nations ("SDGs"). The proposed amendments are in line with Iberdrola's General Sustainable Development Policy and the strategic pillars under its 2018-2022 Plan. We commend the Company for its commitment to sustainable value creation, awareness of social impact and engagement with all stakeholders. Hence, we recommend approval. In item 11, shareholders are called to an advisory vote on the Annual Director Remuneration Report. The qualit...

Iberdrola – Proxinvest Corporate Governance Rating ® : B

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 - 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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