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investors information
Equity Analyst
Analyst
Price TargetRecommendationDate
Axia
8.00Neutral11/08/2017
Phone number
+351 21 936 4447
E-mail
maria.almaca@axiavg.com
Summary of the last report made by this analyst
Axia increased the price target to €8.00 and maintains Neutral recommendation. The broker updated its estimates based on EDPR’s results as well as updated assumptions on installed capacity.
History of the recommendations
Price TargetRecommendationDate
Maria Almaça
8.00Neutral11/08/2017
Maria Almaça
8.30Buy08/24/2016
Bank of America Merrill Lynch
9.00Buy04/23/2018
Phone number
+44 20 77 748 817
E-mail
pinaki.das@baml.com
Summary of the last report made by this analyst
The broker increased the price target from €7.70 to €9.00 with a Buy recommendation, highlighting the steady and diversified growth with an undemanding valuation.
History of the recommendations
Price TargetRecommendationDate
Pinaki Das
9.00Buy04/23/2018
Pinaki Das
7.70Buy03/01/2017
Pinaki Das
8.00Buy05/03/2016
BBVA
7.72Outperform02/05/2018
Phone number
+34 91 537 0550
E-mail
daniel.ortea@grupobbva.com
Summary of the last report made by this analyst
BBVA decreased price target from €8.00 to €7.72 based on a limited impact from the Spanish regulatory change. The broker believes EDPR’s growth profile remains attractive and maintains its Outperform recommendation.
History of the recommendations
Price TargetRecommendationDate
Daniel Ortea
7.72Outperform02/05/2018
Daniel Ortea
7.80Outperform10/30/2017
Daniel Ortea
7.25Outperform03/23/2017
Berenberg
8.00Hold04/17/2018
Phone number
+44 20 320 77887
E-mail
lawson.steele@berenberg.com
Summary of the last report made by this analyst
After a model refresh the broker increased the price target from €4.50 to €8.00 with a recommendation from Sell to Hold. The broker highlights the value of the existing portfolio and the immediate pipeline with quasi-regulated cash flows.
History of the recommendations
Price TargetRecommendationDate
Lawson Steele
8.00Hold04/17/2018
Lawson Steele
4.50Sell02/07/2017
Lawson Steele
6.60Hold02/10/2016
BPI
8.10Neutral02/01/2018
Phone number
+34 913289852
E-mail
gonzalo.sanchez.bordona@bpi.pt
Summary of the last report made by this analyst
BPI increased price target from €8.00 to €8.10 based on improved operational performance, lower financial cost on the back of USD depreciation and a lower US tax rate. The broker maintains its Neutral recommendation due to limited stock liquidity and questionable visibility post-2020.
History of the recommendations
Price TargetRecommendationDate
Gonzalo Sanchez-Bordoña
8.10Neutral02/01/2018
Flora Trindade
8.00Neutral03/31/2017
Flora Trindade
8.00Buy03/27/2017
Bryan, Garnier & Co
6.90Neutral02/27/2018
Phone number
+33(0) 1 56 68 75 06
E-mail
pachazal@bryangarnier.com
Summary of the last report made by this analyst
The broker increased the price target from €6.30 to €6.90 and maintains Neutral recommendation.
History of the recommendations
Price TargetRecommendationDate
Pierre-Antoine Chazal
6.90Neutral02/27/2018
Xavier Caroen
6.30Neutral03/01/2017
Xavier Caroen
6.30Neutral02/03/2017
Caixa BI
7.10Neutral01/04/2018
Phone number
+351 21 313 7300
E-mail
helena.barbosa@caixabi.pt
Summary of the last report made by this analyst
Caixa BI decreases EDPR´s price target to €7.10 from €7.60 and downgrades its recommendation to Neutral. The analyst believes EDPR´s investment case remains solid and unchanged with interesting growth options. However, it highlights that market’s liquidity has decreased significantly and company’s fundamentals has lost importance.
History of the recommendations
Price TargetRecommendationDate
Helena Barbosa
7.10Neutral01/04/2018
Helena Barbosa
7.60Buy02/28/2017
Helena Barbosa
7.60Buy01/09/2017
Citigroup
7.90Neutral05/03/2018
Phone number
+44-20-7986-7395
E-mail
akhil.bhattar@citi.com
Summary of the last report made by this analyst
The broker increased the price target from €6.85 to €7.90 and maintains Neutral recommendation after adjusting asset valuation and decreased capital cost expectations. The broker believes that limited merchant exposure, strong earnings growth and a potential M&A premium are factored in the current share price.
History of the recommendations
Price TargetRecommendationDate
Akhil Bhattar
7.90Neutral05/03/2018
Akhil Bhattar
6.85Neutral10/31/2017
Akhil Bhattar
6.85Neutral10/02/2017
Deutsche Bank
8.20Buy12/14/2017
Phone number
+34 91 335 5898
E-mail
virginia.sanz-de-madrid@db.com
Summary of the last report made by this analyst
Deutsche Bank increases EDPR´s target price from €7.80 to €8.20 while maintains Buy recommendation on the view that EDPR’s shares are trading cheap along with the new targeted opportunities with offshore wind and solar pv ex-US.
History of the recommendations
Price TargetRecommendationDate
Virginia Sanz de Madrid
8.20Buy12/14/2017
Virginia Sanz de Madrid
7.60Buy02/27/2017
Virginia Sanz de Madrid
8.00Buy05/10/2016
Exane BNP
8.10Neutral05/10/2018
Phone number
+34 91 114 83 07
E-mail
manuel.palomo@exanebnpparibas.com
Summary of the last report made by this analyst
Exane BNP increased the price target from €8.00 to €8.10 with Neutral recommendation. The broker updated its estimates following EDPR’s results and highlights the above-average growth and strong cash generation.
History of the recommendations
Price TargetRecommendationDate
Manuel Palomo
8.10Neutral05/10/2018
Manuel Palomo
8.00Overweight09/20/2017
Manuel Palomo
6.80Neutral07/18/2017
Goldman Sachs
7.60Neutral01/12/2018
Phone number
+44 20 777 48817
E-mail
manuel.losa@gs.com
Summary of the last report made by this analyst
Goldman Sachs increased price target from €7.40 to €7.60 to reflect a new power price scenario of €46/MWh on average (vs. €43 previously on average).
History of the recommendations
Price TargetRecommendationDate
Manuel Losa
7.60Neutral01/12/2018
Manuel Losa
7.40Neutral07/06/2017
Manuel Losa
7.10Neutral04/12/2017
Grupo CIMD
7.45Neutral02/07/2018
Phone number
+351 211 201 342
E-mail
aseladas@grupocimd.com
Summary of the last report made by this analyst
Grupo CIMD decreased price target from €7.50 to €7.45 and maintains its Neutral recommendation. The broker updated its estimates based on EDPR’s operational numbers as well as regulatory changes in Europe and North America.
History of the recommendations
Price TargetRecommendationDate
António Seladas
7.45Neutral02/07/2018
António Seladas
7.50Neutral10/09/2017
António Seladas
6.60Reduce09/05/2017
Haitong
8.00Neutral05/14/2018
Phone number
+351 213 302 276
E-mail
Jorge.Guimaraes@haitongib.com
Summary of the last report made by this analyst
Haitong maintains price target at €8.00 and reduced recommendation from Buy to Neutral due to lower upside to price target relative to current share price.
History of the recommendations
Price TargetRecommendationDate
Jorge Guimarães
8.00Neutral05/14/2018
Jorge Guimarães
8.00Buy02/06/2018
Jorge Guimarães
6.75Neutral07/24/2017
JP Morgan
8.20Overweight05/14/2018
Phone number
+34 91 516 1557
E-mail
javier.x.garrido@jpmorgan.com
Summary of the last report made by this analyst
Following a model updated, the broker increased the price target from €7.80 to €8.20 and maintains Overweight recommendation. The price increase benefits from higher long-term growth linked to recent PPAs announced in the US market, which more than offset expiring US PTCs.
History of the recommendations
Price TargetRecommendationDate
Javier Garrido
8.20Overweight05/14/2018
Javier Garrido
7.80Overweight11/01/2017
Javier Garrido
6.70Overweight12/20/2016
Kepler Cheuvreux
8.40Buy04/13/2018
Phone number
+34 914 36 5113
E-mail
jporta@keplercheuvreux.com
Summary of the last report made by this analyst
The broker raised the price target from €7.80 to €8.40 and highlights the potential upside from growth acceleration as well as potential M&A developments.
History of the recommendations
Price TargetRecommendationDate
Jose Porta
8.40Buy04/13/2018
Jose Porta
7.80Buy01/02/2018
Jose Porta
7.80Buy08/24/2017
Macquarie
7.90Neutral05/14/2018
Phone number
+44 20 3037 4232
E-mail
jose.ruiz@macquarie.com
Summary of the last report made by this analyst
Following the tender offer by CTG, the broker increased its price target from €7.05 to €7.90 and maintains Neutral recommendation.
History of the recommendations
Price TargetRecommendationDate
José Ruiz
7.90Neutral05/14/2018
José Ruiz
7.05Neutral03/28/2018
José Ruiz
6.75Neutral07/06/2017
Mediobanca
8.30Neutral05/03/2018
Phone number
+39 02 8829 295
E-mail
Sara.Piccinini@mediobanca.com
Analyst since
05/24/2018
Summary of the last report made by this analyst
Mediobanca initiates coverage with €8.30 price target and Neutral recommendation. While the broker highlights the visible growth profile with low exposure to market fluctuations in stable markets, the firm sees returns for new assets under pressure and low liquidity as a risk factor.
History of the recommendations
Price TargetRecommendationDate
Sara Piccinini
8.30Neutral05/03/2018
Morgan Stanley
8.00Equal-weight05/09/2018
Phone number
+44 20 7677 7167
E-mail
carolina.dores@morganstanley.com
Summary of the last report made by this analyst
Morgan Stanley maintains its €8.00 price target and Equal-weight recommendation following the 1Q18 results release. The broker highlights the reassuring business plan execution of EDPR and the growth opportunities post 2020.
History of the recommendations
Price TargetRecommendationDate
Carolina Dores
8.00Equal-weight05/09/2018
Carolina Dores
8.00Equal-weight02/27/2018
Carolina Dores
8.10Equal-weight10/31/2017
Natixis
7.00Neutral04/12/2018
Phone number
+33 15 855 0516
E-mail
philippe.ourpatian@sec.natixis.com
Summary of the last report made by this analyst
Natixis increased the price target from €6.90 to €7.00 and maintains Neutral recommendation. The broker updated its estimates based on EDPR’s annual results as well as new market developments in Europe.
History of the recommendations
Price TargetRecommendationDate
Philippe Ourpatian
7.00Neutral04/12/2018
Philippe Ourpatian
6.90Neutral03/01/2017
Philippe Ourpatian
6.90Neutral07/27/2016
Santander
8.04Hold05/14/2018
Phone number
+34 91 289 3346
E-mail
bmugiro@gruposantander.com
Summary of the last report made by this analyst
The broker updated its estimates following 1Q18 results and the announced takeover bid, increasing the price target from €7.70 to €8.04 while downgrading the recommendation from Buy to Hold. The broker highlights the valuation from the current business plan and excludes potential projects post 2020 from its valuation.
History of the recommendations
Price TargetRecommendationDate
Bosco Mugiro
8.04Hold05/14/2018
Bosco Mugiro
7.70Buy03/27/2017
Bosco Mugiro
7.80Buy05/26/2016
Société Générale
8.00Hold05/09/2018
Phone number
+34 91 589 3913
E-mail
jorge.alonso@sgcib.com
Summary of the last report made by this analyst
Societe Generale increased its price target from €7.50 to €8.00 and maintains Hold recommendation. While the broker highlights the positive 1Q18 results and similar outlook for the full year, it believes visibility beyond 2020 is needed.
History of the recommendations
Price TargetRecommendationDate
Jorge Alonso
8.00Hold05/09/2018
Jorge Alonso
7.50Hold02/28/2018
Jorge Alonso
7.40Hold10/31/2017
UBS
8.00Buy05/09/2018
Phone number
+44 20 7567 0716
E-mail
rui.dias@ubs.com
Summary of the last report made by this analyst
UBS reiterates its Buy rating, owing to the dynamic value-accretive growth, the large unwarranted discount to fair value and the scarcity value brought to the stock which is now a seemingly unique investment proposition in Europe. Its price target is unchanged at €8.00 and is derived from a DCF on existing asset base.
History of the recommendations
Price TargetRecommendationDate
Rui Dias
8.00Buy05/09/2018
Hugo Liebaert
8.00Buy02/28/2017
Hugo Liebaert
8.00Buy01/19/2017
JB Capital
8.00Neutral10/25/2017
Phone number
+34 91 794 05 34
E-mail
jmartinssoares@jbcm.com
Summary of the last report made by this analyst
JB Capital Markets updates EDPR’s valuation to 2018, adding the new UK offshore wind project and updating the exchange rates and remuneration in Poland. All things considered, price target remains at €8.0 and Neutral recommendation is unchanged.
