Iberdrola SA

IBE: XMAD (ESP)
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Iberdrola Earnings: 2024 Guidance Raised in Line With Our Estimates; Shares Expensive

We confirm our EUR 12.70 fair value estimate after no-moat Iberdrola released solid nine-month results and raised its 2024 net profit guidance for the third time in a row. We see the shares as overvalued after rising by 20% over the last three months.

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