Iberdrola SA
IBE: XMAD (ESP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€62.00 | Gbg | Qcrhcqdv |
Iberdrola Sets 2023 Guidance in Line With Expectations; Shares Fairly Valued
We maintain our fair value estimate of EUR 10.60 after no-moat Iberdrola released good 2022 results, albeit slightly shy of FactSet consensus, and set 2023 guidance in line with expectations. The firm will pay a dividend of EUR 0.49 per share on 2022 earnings, 11% higher than the year before and implying a 4.5% yield, in line with the sector average. Shares appear fairly valued. We see more value in peers Engie, EDP, or Enel.