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Iberdrola

Iberdrola is the largest vertically integrated utility in Spain and one of the largest utilities in Europe by market capitalisation. It is also the largest wind generator in the world by installed capacity (16.1GW at the end of 2017). Iberdrola is a global business, with contributions from Spain, the U.K., the U.S. and Latin America, as well as a sprinkling of interests (mostly related to renewables) in other areas of the world. Iberdrola expects that by 2022 the dollar and sterling will represent around 50% of EBITDA. In Latin America, Iberdrola operates in Mexico and Brazil, with regulated generation in Mexico and predominantly distribution and supply in NE Brazil and in Sao Paulo state. On a global basis, at the end of 2017 Iberdrola had a total group wide installed capacity of 48.4GW (up from 47GW) and generated 137.6TWh (142.5TWh in 2016). With its networks it serves a global total of 31 million users (managed supply points in electricity and gas), and has 16.2 million customers in electricity and gas supply. (29 Mar 2018)

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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.
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Iberdrola & Fortum: Euro Utes Results W/E 26/10

Earnings Note: 28 Oct 2018, 8:25 PM ET - Iberdrola and Fortum reported 9M18 results last week. But neither set of results gave us cause to change our view.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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Iberdrola: Sells UK Conventional Generation Fleet

Worth Watching: 16 Oct 2018, 5:30 AM ET - Iberdrola (Baa1/BBB+) announced on 16 October that it had agreed to sell its UK conventional generation fleet, held within Scottish Power Generation Holdings Ltd, to Drax Group. The agreed price for 100% of the share capital of Scottish Power G ..

UK Utilities: Price Cap Relief

Worth Watching: 06 Sep 2018, 9:38 AM ET - UK Utilities : On 6 September Ofgem released its delayed consultation document on the UK tariff cap: and the market breathed a sigh of relief. I am currently out of the office on holiday and so any exhaustive analysis will need to wait until my ..

Highlighting Hybrids: Repricing the Risks

Strategy Analysis: 08 Aug 2018, 10:28 PM ET - The high-beta sell-off since the start of February has continued to push euro hybrid spreads significantly wider. In this piece we again revisit our optimistic case for the asset class in light of the increased market volatility.

UK Utilities: Ofgem Confirms Tough RIIO-2

Worth Watching: 30 Jul 2018, 12:52 PM ET - UK Utilities : On Monday 30 July Ofgem released its RIIO-2 Framework Decision which is the "framework" around which it will construct the RIIO-2 price controls. In the UK the current price controls for electricity and gas transmission and for g ..
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Iberdrola 1H18: Solid First Half, FY Reaffirmed

Earnings Note: 25 Jul 2018, 8:13 PM ET - Iberdrola reported 1H18 results that were generally in line with market expectation, and full year guidance was reaffirmed. We like Iberdrola but we cannot currently get excited about the relative value and maintain our Market perform view.
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Iberdrola: New 8 Year Green Bond

IG Note: 21 Jun 2018, 5:06 AM ET - We expect the Iberdrola new green bond to come tight. We like Iberdrola and would buy at IPT but expect final pricing at around MS+60 bps, which offers little relative value and at this level we would likely pass.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

Enel: Tops Eletropaulo Auction In Brazil

Worth Watching: 31 May 2018, 5:01 AM ET - Enel (Baa2/BBB/BBB+) announced that its improved bid of BRL45.22/share was the highest price offered for Brazilian utility Eletropaulo when sealed bids were opened on 30 May. This will be the final price at which shares are offered in the aucti ..

Enel: Ups To R$32.2 - Do I Hear R$32.3?

Worth Watching: 26 Apr 2018, 10:56 AM ET - Enel (Baa2/BBB+): Following Iberdrola's increase in its offer for Eletropaulo to R$32.1, Enel has increased to R$32.2. In our view this incremental increase reinforces the view we expressed in our earlier comment that valuations for Eletropaulo ar ..
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Enel/Iberdrola: Higher Eletropaulo Bids

Worth Watching: 26 Apr 2018, 5:57 AM ET - Enel/Iberdrola : Enel announced on 26 April that it had increased its offer price for Electropaulo to R$32/share from R$28/share. In response Iberdrola has increased its offer to R$32.1/share from R$29.4. The original offers from the two compan ..
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Iberdrola: Back To Normal In 1Q18

Worth Watching: 25 Apr 2018, 6:49 AM ET - Iberdrola (Baa1/BBB+) reported 1Q18 results generally in-line with consensus and benefitting from a normalisation of output, from the implementation of the efficiency plan, from the contribution of new investments and from the consolidation of ..
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Enel/Iberdrola: Bidding Hots Up For Eletropaulo

Worth Watching: 24 Apr 2018, 7:01 AM ET - Enel/Iberdrola : Bidding is hotting up in the race to gain control of Brazilian distribution company Eletropaulo. We commented earlier that both Enel and Iberdrola had submitted offers for Eletropaulo, and that Enel had revised its offer to inc ..

Enel: Revises Offer For Eletropaulo

Worth Watching: 20 Apr 2018, 6:19 AM ET - Enel (Baa2/BBB+) announced, after close of business on 19 April, that it had revised the terms of its offer for Eletropaulo to include a commitment to the capital increase planned to be undertaken by the Brazilian company. We noted in our origi ..
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Enel/Iberdrola: Both Bidding For Eletropaulo

Worth Watching: 17 Apr 2018, 8:47 PM ET - Enel/Iberdrola : Both Enel (Baa2/BBB+) through its Brazilian subsidiary Enel Brazil and Iberdrola (Baa1/BBB+) through its Brazilian subsidiary Neoenergia (52.45% owned by Iberdrola) have stated their intentions to make public offers for Brazili ..
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Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 
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Iberdrola: New Hybrid An Unexpected Bargain

Worth Watching: 19 Mar 2018, 9:57 PM ET - Iberdrola (Baa1/BBB+, hybrid expected rating Baa3/BBB-): The new Iberdrola PNC6 green hybrid came much wider than we had expected, offering a bargain for investors in a market that has seen little new issue value of late. IPT on the second Ibe ..

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