EDP Renovaveis SA

EDPR: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€11.00	Mqrhb	Nrtsrgphm

EDP Renovaveis Earnings: Supported by Capital Gains, Cut 2026 Targets in Line With Expectations

Tancrede Fulop

May 9, 2024

We confirm our EUR 17 fair value estimate after no-moat EDP Renovaveis released first-quarter results in line with FactSet consensus expectations at the EBITDA level and cut 2026 targets also in line with expectations after reducing its capacity addition targets. Shares appear undervalued after the selloff of renewables developers of the last months.

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