No-moat Iberdrola held a webinar on data centers on Sept. 16, where it emphasized its targeted leadership in Spain through an innovative joint-venture model. However, earnings contribution by 2030 does not look material. We confirm our EUR 12.30 fair value estimate and view the shares as rich after their recent rally.
Iberdrola has one of the best records among European diversified utilities. Its early entry into onshore wind enabled the group to become the world's largest operator/owner of wind farms.
Spain is the Western European country with the harshest regulation for utilities.
|
Metric
|
IBE
|
NEE
|
ENEL
|
|---|---|---|---|
Price/Earnings (Normalized) | 14.59 | 25.54 | 9.37 |
Price/Book Value | 1.60 | 3.56 | 2.64 |
Price/Sales | 1.88 | 6.75 | 0.85 |
Price/Cash Flow | 8.55 | 12.56 | 4.36 |
|
Metric
|
IBE
|
NEE
|
ENEL
|
|---|---|---|---|
Quick Ratio | 0.60 | 0.28 | 0.62 |
Current Ratio | 0.77 | 0.49 | 0.89 |
Interest Coverage | 4.98 | 2.73 | 3.80 |
|
Metric
|
IBE
|
NEE
|
ENEL
|
|---|---|---|---|
Return on Assets (Normalized) | 4.79% | 2.55% | 3.85% |
Return on Equity (Normalized) | 14.40% | 9.48% | 28.62% |
Return on Invested Capital (Normalized) | 7.51% | 5.59% | 7.70% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Iberdrola SA
IBDSF
| — | Gvtmlm | $96.2 Bil | |||
| Iberdrola SA ADR
IBDRY
| HXN | Cpmtwz | $96.2 Bil | |||
| Enel SpA
ESOCF
| Dwccjfps | Kzcr | $78.4 Bil | |||
| Enel SpA ADR
ENLAY
| Hzvdnkx | Ngvz | $78.4 Bil | |||
| Sempra
SRE
| Wfdxffbx | Ymhqjr | $52.3 Bil | |||
| Engie SA ADR
ENGIY
| — | Cnwq | $41.1 Bil | |||
| Engie SA
ENGQF
| — | Rns | $41.1 Bil | |||
| E.ON SE ADR
EONGY
| Llzggrfm | Sth | $37.5 Bil | |||
| E.ON SE
ENAKF
| — | Dbmb | $37.5 Bil | |||
| The AES Corp
AES
| Cntltsy | Pddgt | $13.6 Bil |
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