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Iberdrola SA IBE

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Morningstar’s Analysis

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We Maintain Iberdrola's FVE After Regulators Rejected Proposed PNM Resources Acquisition

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We are reaffirming our EUR 10.1 per-share fair value estimate, stable moat trend, and no moat ratings for Iberdrola after New Mexico regulators unanimously rejected its subsidiary Avangrid's $8.3 billion proposed PNM Resources acquisition, including debt. The members of the New Mexico Public Regulation Commission said the Avangrid proposal was not in the best interest of the state's consumers. We view Iberdrola shares as fairly valued and find peer Enel more attractive. 

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Company Profile

Business Description

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 53-gigawatt portfolio of hydro, wind, natural gas, coal and nuclear power plants. It is the largest owner of wind farms in the world, representing one third of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to around 50% of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the U.K., Brazil, and the U.S.

Plaza Euskadi Number 5, Biscay
Bilbao, 48009, Spain
T +34 944151411
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 39,569