Financials Iberdrola, S.A. Wiener Boerse

Equities

IBE

ES0144580Y14

Electric Utilities

End-of-day quote Wiener Boerse Other stock markets 06:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
12.2 ^EUR	-0.16%		+2.09%	+2.69%

May. 10	IBERDROLA SA : Gets a Neutral rating from Berenberg	ZD
May. 10	Iberdrola's Innovation Center Partners with Qatar's Carnegie Mellon University	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,397	71,684	64,285	68,515	74,060	77,734	-	-
Enterprise Value (EV) ¹	96,768	107,609	103,826	112,700	121,974	124,500	128,682	132,441
P/E ratio	17.2 x	21.3 x	17.8 x	16.8 x	16.5 x	14 x	14.7 x	14.1 x
Yield	3.88%	3.59%	4.23%	4.11%	4.22%	4.62%	4.78%	5.07%
Capitalization / Revenue	1.6 x	2.16 x	1.64 x	1.27 x	1.5 x	1.58 x	1.59 x	1.54 x
EV / Revenue	2.66 x	3.25 x	2.65 x	2.09 x	2.47 x	2.54 x	2.63 x	2.62 x
EV / EBITDA	9.58 x	10.7 x	8.65 x	8.52 x	8.46 x	8.15 x	8.17 x	8.04 x
EV / FCF	63.5 x	38.5 x	63.5 x	30.8 x	-	-36.8 x	-34.2 x	-35.3 x
FCF Yield	1.57%	2.6%	1.57%	3.24%	-	-2.72%	-2.92%	-2.83%
Price to Book	1.55 x	2.1 x	1.64 x	1.69 x	1.75 x	1.51 x	1.48 x	1.41 x
Nbr of stocks (in thousands)	6,361,336	6,126,871	6,175,302	6,268,568	6,239,270	6,291,735	-	-
Reference price ²	9.180	11.70	10.41	10.93	11.87	12.36	12.36	12.36
Announcement Date	2/26/20	2/24/21	2/23/22	2/22/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,438	33,145	39,114	53,949	49,335	49,095	48,908	50,607
EBITDA ¹	10,104	10,010	12,006	13,228	14,417	15,269	15,753	16,478
EBIT ¹	5,877	5,536	7,343	7,984	8,973	9,907	9,823	10,356
Operating Margin	16.13%	16.7%	18.77%	14.8%	18.19%	20.18%	20.08%	20.46%
Earnings before Tax (EBT) ¹	4,729	5,034	6,266	6,221	7,004	7,672	7,758	8,145
Net income ¹	3,406	3,611	3,885	4,339	4,803	5,549	5,340	5,577
Net margin	9.35%	10.89%	9.93%	8.04%	9.74%	11.3%	10.92%	11.02%
EPS ²	0.5340	0.5500	0.5840	0.6520	0.7190	0.8795	0.8379	0.8785
Free Cash Flow ¹	1,523	2,793	1,634	3,655	-	-3,384	-3,764	-3,748
FCF margin	4.18%	8.43%	4.18%	6.77%	-	-6.89%	-7.7%	-7.41%
FCF Conversion (EBITDA)	15.07%	27.9%	13.61%	27.63%	-	-	-	-
FCF Conversion (Net income)	44.71%	77.35%	42.06%	84.24%	-	-	-	-
Dividend per Share ²	0.3560	0.4200	0.4400	0.4490	0.5010	0.5704	0.5905	0.6265
Announcement Date	2/26/20	2/24/21	2/23/22	2/22/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	16,467	-	9,248	11,114	12,150	12,280	24,430	13,473	16,046	15,461	10,803	26,264	10,930	12,142	12,678	9,685	13,165	7,520	-
EBITDA ¹	4,918	5,444	2,721	3,841	2,951	3,493	6,444	3,085	3,699	4,064	3,496	7,561	3,222	-	5,857	-	-	-	-
EBIT ¹	2,675	3,242	1,540	2,562	1,747	2,175	3,922	1,741	2,320	2,738	2,173	4,911	1,902	-	4,501	-	-	-	-
Operating Margin	16.24%	-	16.65%	23.05%	14.38%	17.71%	16.06%	12.92%	14.46%	17.71%	20.12%	18.7%	17.4%	-	35.5%	-	-	-	-
Earnings before Tax (EBT) ¹	2,771	2,768	1,322	2,176	1,563	1,604	3,167	1,288	1,765	2,231	1,546	3,786	1,582	-	3,981	-	-	-	-
Net income ¹	1,845	1,531	876.9	1,476	1,058	1,017	2,075	1,029	1,235	1,485	1,036	2,521	1,116	1,166	2,760	1,285	1,063	1,284	-
Net margin	11.2%	-	9.48%	13.29%	8.71%	8.28%	8.49%	7.63%	7.7%	9.61%	9.59%	9.6%	10.21%	9.6%	21.77%	13.26%	8.07%	17.08%	-
EPS ²	-	-	0.1377	0.2143	0.1580	0.1510	-	0.1490	0.1940	0.2230	0.1600	-	0.1570	0.1780	0.4210	0.2021	0.1674	0.2022	-
Dividend per Share ²	-	-	-	0.2700	0.1700	0.1090	-	0.1800	-	0.1800	0.1410	-	0.1990	-	0.1431	0.1799	0.1799	0.1799	0.1493
Announcement Date	7/22/20	7/21/21	10/27/21	2/23/22	4/27/22	7/27/22	7/27/22	10/26/22	2/22/23	4/26/23	7/27/23	7/27/23	10/26/23	2/22/24	4/24/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	38,371	35,925	39,541	44,185	47,914	46,766	50,948	54,707
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.798 x	3.589 x	3.294 x	3.34 x	3.323 x	3.063 x	3.234 x	3.32 x
Free Cash Flow ¹	1,523	2,793	1,634	3,655	-	-3,385	-3,764	-3,748
ROE (net income / shareholders' equity)	9.17%	9.69%	9.76%	10.2%	10.9%	10.9%	11%	10.9%
ROA (Net income/ Total Assets)	2.89%	2.95%	2.8%	2.93%	3.2%	3.3%	3.39%	3.36%
Assets ¹	117,702	122,444	138,743	148,212	150,073	168,153	157,323	166,157
Book Value Per Share ²	5.920	5.580	6.360	6.460	6.790	8.180	8.340	8.770
Cash Flow per Share ²	1.080	1.290	1.260	1.610	-	1.740	1.840	1.940
Capex ¹	5,392	5,554	6,472	6,788	-	11,706	11,556	11,947
Capex / Sales	14.8%	16.76%	16.55%	12.58%	-	23.84%	23.63%	23.61%
Announcement Date	2/26/20	2/24/21	2/23/22	2/22/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Iberdrola, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.36 EUR

Average target price

12.62 EUR

Spread / Average Target

+2.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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CONSTELLATION ENERGY CORPORATION	+91.04%	68.64B
AMERICAN ELECTRIC POWER COMPANY, INC.	+13.24%	47.86B
GE VERNOVA INC.	0.00%	45.4B
DOMINION ENERGY, INC.	+13.23%	44.29B
PG&E CORPORATION	+1.55%	38.49B

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