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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Iberdrola, S.A.    IBE   ES0144580Y14

IBERDROLA, S.A.

(IBE)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 11/25 03:59:58 pm
11.315 EUR   +0.35%
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Iberdrola's Avangrid in talks to buy U.S. utility PNM Resources - sources

10/20/2020 | 07:47pm EST

Oct 20 (Reuters) - Avangrid Inc, the U.S. power utility that is controlled by Spain's Iberdrola SA, is in talks to acquire PNM Resources Inc, a peer active in New Mexico and Texas that is worth more than $6 billion, including debt, people familiar with the matter said on Tuesday.

The deal would expand Avangrid's regulated business beyond its U.S. northeastern footprint. It would also accelerate PNM's transition to clean energy, given Avangrid's sizeable renewable energy portfolio.

There is no certainty that the negotiations will lead to a deal, the sources said, requesting anonymity because the matter is confidential. Spokespeople for Avangrid and PNM Resources did not respond to requests for comment.

Efforts among U.S. utilities to consolidate are picking up, amid pressure to slash costs and invest in infrastructure improvements and cleaner forms of electricity generation.

Duke Energy Corp rebuffed a takeover approach from NextEra Energy Inc last month, a deal which would have created a $200 billion behemoth with operations across the U.S. Southeast and Midwest.

Iberdrola owns a 81.6% stake in Avangrid. The Orange, Connecticut-based company, with a market capitalization of $16.7 billion, is split into two businesses -- a regulated utility serving more than 3.3 million customers in New York and New England, and a division which owns and operates renewable power generation assets across the United States.

Avangrid's experience in clean energy could prove valuable to PNM, as it embarks on a plan it announced in July to phase out coal from its power generation mix by 2031 and achieve emissions-free energy by 2040.

Iberdrola has said it wants to expand its renewable capacity in the United States by about 50 percent over four years as part of its global plan to reduce carbon emissions. (Reporting by Pamela Barbaglia in London and David French in New York Editing by Sonya Hepinstall)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AVANGRID, INC. 0.06% 46.92 Delayed Quote.-8.29%
DUKE ENERGY CORPORATION -0.11% 96.15 Delayed Quote.5.54%
IBERDROLA, S.A. 0.22% 11.3 Delayed Quote.23.09%
PNM RESOURCES, INC. 0.02% 49.11 Delayed Quote.-3.16%
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Financials
Sales 2020 36 428 M 43 437 M 43 437 M
Net income 2020 3 728 M 4 445 M 4 445 M
Net Debt 2020 40 113 M 47 831 M 47 831 M
P/E ratio 2020 19,5x
Yield 2020 3,70%
Capitalization 69 234 M 82 450 M 82 554 M
EV / Sales 2020 3,00x
EV / Sales 2021 2,93x
Nbr of Employees 35 816
Free-Float 94,7%
Chart IBERDROLA, S.A.
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Technical analysis trends IBERDROLA, S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 11,26 €
Last Close Price 11,30 €
Spread / Highest target 15,0%
Spread / Average Target -0,37%
Spread / Lowest Target -23,9%
EPS Revisions
Managers
NameTitle
José Ignacio Sánchez Galán Chairman, President & Chief Executive Officer
José Sáinz Armada Chief Financial & Resources Officer
Fernando Lucero Batalla Head-Information Technology & Finance
Íñigo Víctor de Oriol Ibarra External Director
Samantha Catherine Barber Independent Director
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