EDP Renovaveis SA

EDPR: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€52.00	Rdkx	Fbkyszsn

EDP Renovaveis Earnings: EBITDA Growth Fully Offset by Rising Financial Costs

Tancrede Fulop

May 3, 2023

No-moat EDP Renovaveis released first-quarter net profit above consensus it polled while its EBITDA was bang in line. We will likely tweak our EUR 22 fair value estimate downwards to incorporate the recent rights issue. This will not leave enough margin of safety to make shares attractive at the current price.

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