Iberdrola SA

IBE: XMAD (ESP)
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Iberdrola Earnings: 2025 Guidance Set Above Our Expectations

We confirm our EUR 12.70 fair value estimate after no-moat Iberdrola released 2024 results in line with guidance and set 2025 guidance above our expectations. It will pay a 2024 dividend of EUR 0.635, 15% above last year and implying a 4.6% yield. We appreciate the group's strong track record and assets quality, but there is not enough margin of safety to buy the shares at the current price.

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