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EDP SA EDP

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Company Report

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European Utilities Rallied in Q3 on Falling Interest Rates; We See Further Upside Potential

Tancrede Fulop

While wholesale power prices stabilized, government bonds’ yields fell on weak economic indicators and lower inflation in the US and Europe. Second-quarter results were boosted by very favorable hydro conditions that led to some guidance upgrades. This goldilocks scenario bolstered a rally in European utilities, enabling them to massively outperform the market and recover much of their earlier underperformance.

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Price vs Fair Value

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EDP is trading at a 767% premium.
Price
€3.96
Fair Value
€1.00
Uncertainty
Medium
1-Star Price
€3.27
5-Star Price
€9.70
Economic Moat
Sdr
Capital Allocation
Xrxqbnk

Bulls Say, Bears Say

Bulls

Being an early mover, EDP has an attractive portfolio of renewables assets, especially in the US

Bears

The Spanish networks' regulatory regime allows only limited pass through of inflation.

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News

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
17.77
Price/Sales
1.12
Dividend Yield (Trailing)
4.93%
Dividend Yield (Forward)
4.93%
Total Yield
17.26%

Company Profile

EDP is a vertically integrated utility company and is the largest generator, supplier, and distributor of electricity in Portugal. In addition to Portugal, EDP has sizable operations in Spain, Brazil, and the US EDP owns 71% of EDP Renovaveis, the fourth-largest wind power owner/operator in the world. EDP also owns 54% of Energias do Brasil, which it aims to delist by end-2023.
Sector
Utilities
Industry
Utilities - Diversified
Stock Style Box
Large Value
Total Number of Employees
12,857
Website
https://www.edp.com

Competitors

Valuation

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Metric
EDP
IBE
AES
Price/Earnings (Normalized)
 17.7714.598.64
Price/Book Value
 1.451.604.40
Price/Sales
 1.121.881.10
Price/Cash Flow
 7.738.554.80
Price/Earnings
EDP
IBE
AES

Financial Strength

Metric
EDP
IBE
AES
Quick Ratio
 0.690.600.34
Current Ratio
 0.880.770.97
Interest Coverage
 2.424.980.68
Quick Ratio
EDP
IBE
AES

Profitability

Metric
EDP
IBE
AES
Return on Assets (Normalized)
 2.98%4.79%4.17%
Return on Equity (Normalized)
 14.86%14.40%83.30%
Return on Invested Capital (Normalized)
 5.87%7.51%7.76%
Return on Assets
EDP
IBE
AES

Utilities - Diversified Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Iberdrola SA
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—Pgvkk$96.2 Bil
 Iberdrola SA ADR
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XNCwqcrw$96.2 Bil
 Enel SpA
ESOCF
HxrbfggvVmjvv$78.4 Bil
 Enel SpA ADR
ENLAY
QtqhxzyrpYvz$78.4 Bil
 Sempra
SRE
LpgfhdjdMdpysrf$52.3 Bil
 Engie SA ADR
ENGIY
—Mcqc$41.1 Bil
 Engie SA
ENGQF
—Jbvjd$41.1 Bil
 E.ON SE ADR
EONGY
SfwqwbqqpDcpk$37.5 Bil
 E.ON SE
ENAKF
—Gyr$37.5 Bil
 The AES Corp
AES
XtpwgwpkKxr$13.6 Bil

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