Iberdrola SA
IBE: XMAD (ESP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€93.50 | Gtmsw | Jgcfddt |
Iberdrola: Relinquished Attempt to Acquire PNM Resources as We Expected, Shares Fairly Valued
We confirm our EUR 12 fair value estimate after no-moat Iberdrola's U.S. subsidiary Avangrid terminated the agreement to acquire U.S. utility PNM Resources for $8.3 billion. This outcome is in line with what we and the market expected. Hence, the flat share price the day of the news. Shares appear fairly valued.