Financials EDP Renováveis, S.A.

Equities

EDPR

ES0127797019

Independent Power Producers

Market Closed - Euronext Lisbonne Other stock markets 11:35:01 2024-05-08 am EDT			After market 04:00:00 pm
13.72 ^EUR	-0.51%		13.79	+0.51%

May. 02	Engie, EDP Renewables JV Securer Feasibility License for Australian Offshore Wind Farm	MT
Apr. 18	Connor, Clark & Lunn Infrastructure Ltd. completed the acquisition of an 80% stake in 297 megawatt (MW) wind farm in Alberta, Canada from EDP Renováveis, S.A. for enterprise value of approximately CAD 700 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,159	19,889	21,036	19,768	18,969	14,121	-	-
Enterprise Value (EV) ¹	11,962	23,332	24,772	19,768	24,774	22,089	22,940	23,936
P/E ratio	19.8 x	36.2 x	31.8 x	32.7 x	-	28.8 x	23.1 x	19.1 x
Yield	0.75%	0.35%	0.4%	-	1.43%	1.36%	1.65%	1.9%
Capitalization / Revenue	5.02 x	11.5 x	12 x	8.34 x	8.47 x	5.63 x	5 x	4.63 x
EV / Revenue	6.56 x	13.5 x	14.1 x	8.34 x	11.1 x	8.81 x	8.12 x	7.86 x
EV / EBITDA	7.26 x	14.1 x	14.1 x	9.16 x	13.4 x	11.3 x	10.2 x	9.72 x
EV / FCF	-598 x	-19.6 x	-14.5 x	-	-	-8.68 x	-11.4 x	-14.5 x
FCF Yield	-0.17%	-5.1%	-6.9%	-	-	-11.5%	-8.78%	-6.92%
Price to Book	1.33 x	2.75 x	2.37 x	2.23 x	-	1.21 x	1.13 x	1.06 x
Nbr of stocks (in thousands)	872,308	872,308	960,558	960,558	1,023,978	1,023,978	-	-
Reference price ²	10.50	22.80	21.90	20.58	18.52	13.79	13.79	13.79
Announcement Date	2/20/20	2/24/21	2/16/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,824	1,731	1,758	2,371	2,239	2,507	2,823	3,047
EBITDA ¹	1,648	1,655	1,760	2,157	1,845	1,957	2,259	2,463
EBIT ¹	1,055	1,054	1,151	1,412	875	1,106	1,316	1,473
Operating Margin	57.86%	60.9%	65.47%	59.52%	39.08%	44.11%	46.62%	48.35%
Earnings before Tax (EBT) ¹	709.1	768.9	903	962.4	561	764.1	935.9	1,097
Net income ¹	475.1	555.7	655	616.2	309	490.7	614.9	742.9
Net margin	26.05%	32.11%	37.26%	25.99%	13.8%	19.57%	21.78%	24.38%
EPS ²	0.5316	0.6300	0.6891	0.6300	-	0.4792	0.5982	0.7232
Free Cash Flow ¹	-20	-1,190	-1,711	-	-	-2,545	-2,013	-1,656
FCF margin	-1.1%	-68.75%	-97.3%	-	-	-101.49%	-71.3%	-54.37%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0788	0.0788	0.0886	-	0.2658	0.1880	0.2275	0.2620
Announcement Date	2/20/20	2/24/21	2/16/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	912.9	856	336	566.3	569	668	1,237	505.7	628.5	706	519	1,225	428.7	585	607.9	477.4	394.6	843.4	-
EBITDA ¹	793.2	654.2	262.8	842.7	394	582	976	506	675	448	316	764	663	418	431.2	-	-	-	-
EBIT ¹	501	363.6	108.4	679	232	408	640	323.4	448.5	266	113	379	477	19	234	-	-	-	-
Operating Margin	54.88%	42.48%	32.26%	119.9%	40.77%	61.08%	51.74%	63.95%	71.36%	37.68%	21.77%	30.93%	111.28%	3.25%	38.5%	-	-	-	-
Earnings before Tax (EBT) ¹	337.3	252.5	32	618.5	158	297	455	212.5	295.4	140	70	210.1	388.9	-38	144	-	-	-	-
Net income ¹	254.7	141.6	6.6	506.8	66	199	265	151.3	200.2	65	15	79.83	365.2	-136	68.12	81.81	-12.09	355.9	-
Net margin	27.9%	16.54%	1.96%	89.49%	11.6%	29.79%	21.42%	29.91%	31.86%	9.21%	2.89%	6.51%	85.19%	-23.25%	11.21%	17.14%	-3.06%	42.2%	-
EPS ²	0.2855	0.1575	0.009840	0.5217	0.0699	0.2067	-	0.1477	-	-	-	-	-	-	0.0708	0.0799	-0.0117	0.3452	-
Dividend per Share ²	-	-	-	0.0886	-	-	-	-	-	-	-	-	-	-	0.0483	0.0483	0.0483	0.0483	0.0630
Announcement Date	9/3/20	7/28/21	11/3/21	2/16/22	5/4/22	7/28/22	7/28/22	10/26/22	3/1/23	5/3/23	7/26/23	7/26/23	10/31/23	2/28/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,803	3,443	3,736	-	5,805	7,968	8,819	9,815
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.701 x	2.081 x	2.123 x	-	3.146 x	4.073 x	3.904 x	3.985 x
Free Cash Flow ¹	-20	-1,190	-1,711	-	-	-2,545	-2,013	-1,656
ROE (net income / shareholders' equity)	7.05%	7.76%	8.13%	6.93%	3.08%	3.8%	4.6%	5.23%
ROA (Net income/ Total Assets)	2.7%	3.1%	3.26%	2.49%	1.07%	1.63%	1.64%	1.67%
Assets ¹	17,616	17,928	20,084	24,762	28,771	30,073	37,571	44,354
Book Value Per Share ²	7.870	8.290	9.230	9.250	-	11.40	12.20	13.00
Cash Flow per Share ²	1.230	1.020	0.8500	1.070	-	1.340	1.440	1.700
Capex ¹	1,109	2,098	2,522	2,350	4,556	3,486	3,446	3,290
Capex / Sales	60.81%	121.22%	143.46%	99.08%	203.48%	139.01%	122.06%	108%
Announcement Date	2/20/20	2/24/21	2/16/22	3/1/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EDP Renováveis, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.79 EUR

Average target price

17.63 EUR

Spread / Average Target

+27.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Renewable IPPs

	1st Jan change	Capi.
EDP RENOVÁVEIS, S.A.	-25.94%	15.22B
ADANI GREEN ENERGY LIMITED	+11.02%	32.76B
HUANENG LANCANG RIVER HYDROPOWER INC.	+9.50%	23.37B
ENGIE BRASIL ENERGIA S.A.	-3.82%	6.73B
NEOEN	-0.07%	5.02B
ERG S.P.A.	-8.32%	4.12B
NORTHLAND POWER INC.	-9.89%	4.03B
ENCAVIS AG	+8.72%	2.94B
RENANTIS S.P.A	-.--%	2.89B
CLEARWAY ENERGY, INC.	-9.81%	2.84B

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