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    IBE   ES0144580Y14

IBERDROLA, S.A.

(IBE)
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Delayed Bolsas y Mercados Espanoles  -  11:38 2022-06-24 am EDT
10.06 EUR   +2.41%
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Qatar Investment Authority cannot exit Russian market

05/24/2022 | 08:53am EDT
FILE PHOTO: A general view shows oil treatment facilities at Vankorskoye oil field owned by Rosneft north of Krasnoyarsk

DOHA (Reuters) - The Qatar Investment Authority cannot exit the Russian market and is waiting to assess its position there because of the Ukraine crisis, one of the sovereign wealth fund's chief investment officers said on Tuesday.

Moscow placed restrictions on foreign investors trading Russian assets in March, saying it wanted to ensure decisions to exit were considered and not driven by political pressure, after Russia sent troops into Ukraine.

"We can't do much in Russia...We have to really assess where to stand on those opportunities there. I think it is a very difficult position for us, being an investor with one name," said Ahmed Ali Al-Hammadi, QIA's chief investment officer for Europe, Russia and Turkey said in a panel discussion at the World Economic Forum.

QIA owns a 19% stake in Russian state-backed oil giant Rosneft, which Al-Hammadi said is the fund's only holding "of significance" in Russia.

"We can't (exit). All foreign investors are restricted from exiting," Al-Hammadi said.

In March, Mubadala, Abu Dhabi's second biggest sovereign fund, announced it was pausing investments in Russia because of the Ukraine crisis.

Qatar's $300 billion sovereign wealth fund, which owns stakes in the London Stock Exchange and Iberdrola SA, has been diversifying its investments away from European markets, which Al-Hammadi said historically represent its biggest exposure.

Nevertheless, the fund is still eyeing smaller European opportunities.

"We're looking at new, emerging, I would say growth-state tech companies. Some of them are quite small and fly below our radar, but we believe that we're seeing a lot of determination from countries like France, Germany, Italy," he said, adding that government support for such companies is appealing.

QIA also sees opportunities in Turkey, especially in companies that are able to mitigate their currency exposure, he said.

Losses this month have pushed Turkey's lira back towards the record lows of 18.4 against the dollar which it hit in December after a series of interest rate cuts.

Fintech and companies investing in the energy transition represent the biggest investment opportunities for QIA, Al-Hammadi said.

Though the cryptocurrency market is "too big to ignore" it is too early for institutional investors to get directly involved, Al-Hammadi said.

Instead, QIA is considering investments in the technology underlying the market, such as blockchain and exchanges, he said.

(Reporting and writing by Andrew Mills in Doha, Editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.04% 1.2272 Delayed Quote.-9.39%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.01% 0.7752 Delayed Quote.-2.67%
EURO / US DOLLAR (EUR/USD) -0.01% 1.0553 Delayed Quote.-7.48%
IBERDROLA, S.A. 2.41% 10.055 Delayed Quote.-3.41%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.15% 0.012783 Delayed Quote.-4.67%
LONDON BRENT OIL 2.22% 112.44 Delayed Quote.44.36%
LONDON STOCK EXCHANGE PLC 1.82% 7600 Delayed Quote.9.67%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.45% 0.63123 Delayed Quote.-8.10%
ROSNEFT OIL COMPANY PJSC -0.37% 377 End-of-day quote.-37.16%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -1.63% 53.6 Delayed Quote.-27.29%
US DOLLAR / TURKISH LIRA (USD/TRY) -2.63% 16.886 Delayed Quote.30.24%
WTI 3.07% 107.53 Delayed Quote.38.53%
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Financials
Sales 2022 42 850 M 45 200 M 45 200 M
Net income 2022 4 117 M 4 343 M 4 343 M
Net Debt 2022 43 850 M 46 256 M 46 256 M
P/E ratio 2022 15,4x
Yield 2022 4,60%
Capitalization 63 889 M 67 393 M 67 393 M
EV / Sales 2022 2,51x
EV / Sales 2023 2,53x
Nbr of Employees 39 692
Free-Float 98,3%
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José Ignacio Sánchez Galán Chairman, President & Chief Executive Officer
José Sáinz Armada Director-Finance, Control & Corporate Development
Fernando Lucero Batalla Head-Information Technology & Finance
Maria Dolores Herrera Pereda Compliance Director
Juan Carlos Rebollo Liceaga Group Director-Administration & Control
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