EDP-Energias De Portugal SA

EDP: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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EDP Earnings: Above Expectations; 2024 Guidance To Be Exceeded; Shares Cheap

Tancrede Fulop

Nov 8, 2024

We confirm our EUR 5 fair value estimate after no-moat EDP released nine-month results above the company-compiled consensus and the management said that it is on track to deliver at least the 2024 guidance. Shares are materially undervalued. Its 2024 P/E of 12 and dividend yield of 5.1% (120 basis points above the Portuguese 10-year bond yield) reflect the material undervaluation of the shares.

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EDP-Energias De Portugal SA

EDP Earnings: Above Expectations; 2024 Guidance To Be Exceeded; Shares Cheap

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