Iberdrola SA

IBE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€87.00	Zkbpb	Cfwhqgnn

Iberdrola Earnings: Boosted by Capital Gains From Mexico; 2024 Guidance Raised

Tancrede Fulop

Apr 24, 2024

We confirm our EUR 12 fair value estimate after no-moat Iberdrola released first-quarter results boosted by the sale of a good chunk of Mexican assets and raised its 2024 net profit guidance. Shares are in 3-star territory. The current dividend yield is 4.8%, in line with the sector's median. Still, the company has a more attractive earnings and dividend outlook than most peers.

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