The Portuguese utility beat estimates for the first quarter as the decrease in EBITDA (-8% yoy) is almost fully attributable to FX impacts, but the solid performance from hydro and networks compensated.
A strong pipeline combined with a promising and risk-averse asset rotation plan should support the group’s results and lighten its balance sheet. Positive view confirmed.
14 May 2021
A not-so-bad Q1 confirming promising outlook
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A not-so-bad Q1 confirming promising outlook
- Published:
14 May 2021 -
Author:
Nicolas Bouthors -
Pages:
2
The Portuguese utility beat estimates for the first quarter as the decrease in EBITDA (-8% yoy) is almost fully attributable to FX impacts, but the solid performance from hydro and networks compensated.
A strong pipeline combined with a promising and risk-averse asset rotation plan should support the group’s results and lighten its balance sheet. Positive view confirmed.