EDP - Energias de Portugal SA

EDP: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.00	Tnyx	Dglbqdcvf

EDP Earnings: Better Hydro Conditions Drive a Rebound, Shares Cheap

Tancrede Fulop

May 5, 2023

We maintain our EUR 6 fair value estimate after no-moat EDP released a good set of first-quarter results thanks to the recovery in hydro conditions after the severe drought of 2022. Shares appear undervalued.

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