EDP-Energias De Portugal SA

EDP: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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EDP Earnings: 2024 Above Expectations, 2026 Guidance Maintained; Fair Value Estimate Cut by 8%

Tancrede Fulop

Feb 28, 2025

EDP released 2024 results above expectations and confirmed its 2026 net income guidance. The reduction in our fair value estimate for subsidiary EDPR to EUR 13 from EUR 17 drives a reduction in our fair value estimate for EDP to EUR 4.60 from EUR 5. This implies a 2025 price/earnings of 10.6 that reflects the material undervaluation of the shares. In addition, the firm will pay a EUR 0.20 dividend on 2024 results, above the EUR 0.195 previously guided. This is a juicy 6.5% yield and a massive premium of 360 basis points to the Portuguese 10-year bond yield.

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EDP-Energias De Portugal SA

EDP Earnings: 2024 Above Expectations, 2026 Guidance Maintained; Fair Value Estimate Cut by 8%

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