Iberdrola SA

IBE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€17.40	Zsqg	Rdjscnjm

Iberdrola: Relinquished Attempt to Acquire PNM Resources as We Expected, Shares Fairly Valued

Tancrede Fulop

Jan 4, 2024

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.

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