Iberdrola SA

IBE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€87.00	Bnpfs	Dvxgpfw

Iberdrola Sets 2023 Guidance in Line With Expectations; Shares Fairly Valued

Tancrede Fulop

Feb 22, 2023

We maintain our fair value estimate of EUR 10.60 after no-moat Iberdrola released good 2022 results, albeit slightly shy of FactSet consensus, and set 2023 guidance in line with expectations. The firm will pay a dividend of EUR 0.49 per share on 2022 earnings, 11% higher than the year before and implying a 4.5% yield, in line with the sector average. Shares appear fairly valued. We see more value in peers Engie, EDP, or Enel.

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