Iberdrola SA

IBE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€55.00	Khzq	Wvdnjzz

Iberdrola: Management Continues to Reduce Renewables Investment

Tancrede Fulop

Mar 22, 2024

We maintain our EUR 12 fair value estimate after no-moat Iberdrola set its 2026 financial targets and expanded investment in networks versus its prior plan. Management is also reducing renewables spending further as the group failed to meet its capacity addition targets since 2020. Shares look fairly valued.

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