EDP SA

EDP: XLIS (PRT)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€9.00	Fjmg	Mvrqvrxwy

EDP Earnings: Slightly Above Expectations; 2024 Guidance Confirmed; Shares Cheap

Tancrede Fulop

Jul 31, 2024

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.

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