EDP - Energias de Portugal SA

EDP: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7.00	Nnjp	Sxkhxzyt

EDP Earnings: 2023 Net Income Guidance Raised by 14%, Shares Materially Undervalued

Tancrede Fulop

Nov 3, 2023

We maintain our EUR 5.8 fair value estimate after no-moat EDP released solid nine-month results and raised its set 2023 net income guidance. Shares have been hit by the sell-off of subsidiary EDPR on rising interest rates. Consequently, EDP is the most undervalued integrated utility we cover despite having the highest earnings growth outlook.

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