Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
Iberdrola released earnings that were globally in line with the consensus. Hydro generation still drove earnings, whilst onshore wind conditions remained poor, also seen among peers since the beginning of the year. However, offshore wind partially offset the lower load factor in onshore wind. Renewables generation, investments in networks and new rate cases in Brazil contributed to increase the group’s FY23 net income guidance from ‘high single-digit’ to ‘double-digit’.
Companies: Iberdrola SA (IBE:MCE)Iberdrola (IBE:BME)
AlphaValue
Iberdrola’s US subsidiary Avangrid, which is focused on grid services in New England, Pennsylvania, New York and on renewables development, received a very positive outcome yesterday from the NY Public Service Commission.
Iberdrola reported EBITDA up by 17.3% to 7.5bn (Cons BB 7.5bn) supported by a 6.5% increase in renewables capacity over the last 12 months. The group increased the guidance on net profit growth from a ‘mid to high single digit’ to by a ‘high single digit’ as hydro condition have almost fully recovered while continuing to deploy additional renewables capacity.
Excellent set of results for Iberdrola that got the ball rolling in the sector, with figures beating estimates, mainly supported by the strong generation from renewables assets and particularly thanks to the solar activity but also a strong recovery in hydro in Q3 23 compared with last year. A strong dynamic in the main business units led the Spanish group to confirm a total remuneration amounting to €0.49/share proposed as part of the FY2022 results and being confident in the completion of the
After soaring gas and power prices in 2022, the Spanish company reported a strong operating performance and a net profit record to €4.33bn, supported by growth in all geographies except for Spain where the group reported a 19% drop. The group benefited from both higher energy prices and higher renewables capacities as well as an increased regulated asset base. However, the windfall tax imposed by Spanish public authorities seems to be weighing on the group’s forecasts and investments.
Iberdrola’s Q3-2022 results beat estimates, with an 9M2022 EBITDA up 17% at €9.53bn, with growth in all geographies except Spain, driven mainly by the USA and Brazil in the Networks and Renewables segments. The group also benefited from its currency positions in the US Dollar and Brazilian Real that appreciated strongly over the year, supporting EBITDA and Net profit. However, net profit continued to decrease in Spain, amid lower renewables production and a negative impact from volatile gas ma
Iberdrola’s H1 22 results were strong overall. EBITDA beat expectations by c.7% driven by Networks, in particular in the US, although some extraordinary impacts must be mentioned. Interestingly, networks were at the forefront of the growth and outperformance, pushed by FX, inflation and capex. Reassuring comments on the current environment are worth mentioning, namely no dependence on Russian gas or oil, providing confidence and visibility which are of great value in these troubled times. T
There were no major surprises from Iberdrola’s Q1 22 results as the figures closely matched the consensus. The main point to note is weak generation in Iberia due to low hydro and nuclear outputs, more than offset by higher network RAB in particular in the US and Brazil. EBITDA grew by 4.9% yoy, more than net income (+3.2%) which was affected by financial costs. The guidance has been reaffirmed.
Iberdrola released a solid set of FY21 results, standing above the consensus (+7.0%) and our estimates (+9.3%) at the EBITDA level. Note the positive news as well coming from the reiteration of guidance for FY22. The group confirmed its asset base development with record capex, and will proposed a total dividend of €0.44 per share, +4.8% yoy. After a year marked by price volatility, regulatory headwinds and governance risks, this release comes as a sigh of relief.
As in H1, Iberdrola reassured with its networks and renewable businesses, while Generation & Supply segment keeps on disappointing. A positive tax reversal in Spain (€+382m) also offset an impact from the gas clawback (€-85m). However, a blot remains on the regulatory side even if CEO Galan has promoted a ‘return to normal’. Positive view confirmed but let’s be careful.
What if the best solution for the energy transition were … nuclear power? Nuke is back at the heart of political debates in the context of the current energy crisis and massive but insufficient investments in renewables. This short review provides an overview of nuclear power in Europe and speculates on options. This ‘nuke optionality’, hinging on a favourable green taxonomy, is a game-changer for EDF, Centrica, Fortum but also Engie, Iberdrola, Enel and EDP.
The first half year is a mixed bag for Iberdrola, as the strong performance of Renewables offset a weaker-than-expected Generation & Supply and the one-off impact of the increase in UK corporate tax rate to 25% by 2023. At the end of the day, figures matched the consensus and allow the guidance on earnings and dividend to be confirmed. Positive view reiterated as Iberdrola may have reached an inflection point.
The Spanish utility’s EBITDA remained unchanged and, as always, hurt by non-recurring items such as the pandemic and above all FX impacts. This overshadowed a solid quarter for the group, as EBITDA would have increased by 12% excluding these effects. Significant investments and a substantial pipeline are, however, brightening outlooks. Positive view confirmed.
EBITDA is quite stable (-1%) to €10.0bn, slightly below the consensus and well below our bullish expectations of €11.1bn. It was severely affected by FX fluctuations (€487m) and the COVID-19 impact (€218m) which were difficult to forecast and explain the deviations from the consensus. The FY20 proposed dividend is up by 5% to €0.42. Gross investments (+13.3%) reached a record to €9.2bn. Non-recurring items globally weighed on the results, overshadowing the resilient operating figures.
Iberdrola realised an overall good Q3. The figures are in line with expectations and the group expects an acceleration in Q4. In addition, the negative elements are, for the most part, non-recurring. Iberdrola also announced the start of negotiations to acquire fully PNM Resources, an integrated utility operating in New Mexico and Texas, for $4.3bn. We confirm our positive view, even with a limited upside.
Companies: Iberdrola SA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Iberdrola SA. We currently have 240 research reports from 3 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
Companies: Ilika plc
Liberum
Companies: Gattaca plc
Share: