Avangrid Inc

AGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$64.47	Lrqszb	Lxvlptrm

Avangrid: Iberdrola Increases Its Proposal Modestly; Buyout Is Best Option for Shareholders

Andrew Bischof

May 17, 2024

We are increasing our Avangrid fair value estimate to $35.75 per share from $35 after Iberdrola proposed to acquire the 18.4% of its shares it does not own for $35.75 per share in an all-cash transaction. We previously increased our fair value above Iberdrola's proposed initial takeover offer of $34.25 based on our belief that Iberdrola would need to increase its offer to gain shareholder approval.

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