EDP Renovaveis SA

EDPR: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€37.00	Fnnxg	Brwwjmdh

EDP Renovaveis Earnings: Boosted by Asset Rotation Gains; Shares Undervalued

Tancrede Fulop

Oct 31, 2023

No-moat EDP Renovaveis released third-quarter results that were above company-compiled consensus on the bottom line. We maintain our EUR 21 fair value estimate. The shares have been excessively sold off because of rising interest rates. We believe the market neglects supporting factors like high power purchase agreement prices, declining construction costs for solar, and attractive pricing of asset rotations.

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