EDP Renewables SA

EDPR: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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EDP Renovaveis Earnings: 2024 Output Guidance Trimmed, Shares Cheap

Tancrede Fulop

Nov 6, 2024

We confirm our EUR 17 fair value estimate after no-moat EDP Renovaveis released nine-month results in line with expectations and cut its 2024 output guidance. Shares are down after the Donald Trump victory and the Republican Party regained control of the Senate in the Nov. 5 US election. EDPR plans to dedicate nearly half of its 2024-26 investments to the US. A phase out of the Inflation Reduction Act's tax credits for wind and solar plants would hit the returns of future projects and could lead EDPR to trim its investments. The valuation impact of this would not be meaningful and appears excessively priced in.

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EDP Renewables SA

EDP Renovaveis Earnings: 2024 Output Guidance Trimmed, Shares Cheap

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