EDP SA
EDP: XLIS (PRT)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€7.00 | Zxnv | Mmkbhfs |
EDP Earnings: Slightly Above Expectations; 2024 Guidance Confirmed; Shares Cheap
We confirm our EUR 5 fair value estimate after no-moat EDP released first-quarter results slightly above FactSet consensus and sharply improving from the first quarter and confirmed its 2024 guidance. Its 2024 P/E of 12 and dividend yield of 5.1% (120 basis points above the Portuguese 10-year bond yield) reflect the material undervaluation of the shares.