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INDITEX

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Iberdrola sees continued profit growth, extols EU recovery deal

07/22/2020 | 06:58am EDT
FILE PHOTO: Iberdrola CEO, Jose Ignacio Galan during a press conference, near Ribeira da Pena

Spanish renewable energy giant Iberdrola lauded the green credentials of the European Union's post-coronavirus stimulus deal on Wednesday as it pledged future profit growth, dividends and investments.

With more than 32GW of renewable generation capacity in markets including Spain, the United States, Brazil and Britain, Iberdrola is seen as a prime beneficiary of drives to decarbonise economies around the world.

Chief Executive Ignacio Galan spoke highly of a package approved in Brussels on Tuesday that earmarks large sums for low-carbon investments. The bloc has a "Green Deal" plan to emit no more greenhouse gases than can be absorbed by 2050.

The stimulus "represents the consolidation of the Green Deal as a project for economic growth and for the economic recovery of the European Union ... it is magnificent news," he said.

The response to the deal from climate advocates has been mixed, with some saying it does not do enough to stop the flow of cash to polluting investments.

Despite profound uncertainty around future demand and power prices linked to the pandemic, Iberdrola said it expected net profit to rise at a mid to high single digit rate this year.

"Our expectation is to continue delivering increasing results," Galan said.

First-half net profit of 1.845 billion euros ($2.13 billion) would have been 153 million euros (139.39 million pounds) higher had it not been for lower demand and non-payments caused by COVID-19, the company said.

Returns from distribution networks dragged core earnings down a touch, and shares were down 1.47% in early trade, tracking Spain's blue chip index IBEX [.IBEX].

A pick-up in its share price in line with the rest of Europe's utilities <.SX6P> has brought Iberdrola snapping at the heels of Zara owner Inditex, which it briefly overtook this week to become Spain's biggest company.

With 10 billion euros of investment planned this year, Galan said he wanted to continue in the same direction in future.

Iberdrola is currently offering $636.69 million (502.68 million pounds) to buy Australian wind and solar firm Infigen Energy.

By Isla Binnie


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.89% 6.1972 Delayed Quote.-2.49%
IBERDROLA, S.A. 0.98% 10.27 Delayed Quote.-13.08%
IBEX 35 0.16% 8772.8 Delayed Quote.8.48%
INDITEX -0.79% 28.87 Delayed Quote.11.75%
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Financials
Sales 2022 26 804 M 31 787 M 31 787 M
Net income 2022 3 419 M 4 055 M 4 055 M
Net cash 2022 7 136 M 8 462 M 8 462 M
P/E ratio 2022 26,5x
Yield 2022 3,13%
Capitalization 90 644 M 107 B 107 B
EV / Sales 2022 3,12x
EV / Sales 2023 2,86x
Nbr of Employees 124 274
Free-Float 35,6%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 29,10 €
Average target price 31,85 €
Spread / Average Target 9,44%
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Managers and Directors
Carlos Crespo González Chief Executive Officer & Executive Director
José Ignacio Fernández Chief Financial Officer
Pablo Isla Álvarez de Tejera Executive Chairman
Gabriel Moneo Marina Chief Information Technology Officer
Emilio Saracho Rodríguez de Torres Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
INDITEX11.75%107 730
KERING30.30%114 802
FAST RETAILING CO., LTD.-20.91%68 998
ROSS STORES, INC.-0.10%43 215
HENNES & MAURITZ AB5.38%34 982
ZALANDO SE4.79%28 467