April 24, 2024 07:55 GMT
Iberdrola (Baa1/BBB+): 1Q24 Results
UTILITIES
Positive results with equity buoyed by the outlook. Spreads are among the tightest for the rating so not much room for upside.
• Adj. EBITDA beat consensus by 1.7% after stripping out the one-time gain from Mexico transaction.
• Leverage down to 3.1x vs 3.3x QoQ following Mexico disposal.
• Proceeds were partially consumed by higher capex; FFO also grew by 8%.
• Guidance is only provided for net profit, which is increased from 5-7% to high single digit for FY2024.
• Call 09.30 CEST https://streamstudio.world-television.com/CCUIv3/r...
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