Escolar Documentos
Profissional Documentos
Cultura Documentos
27/12/2014
Company:
Business
EDP is a global leading Energy company with true vision of value
creation, innovation and sustainability. The company has broad
operations in North and South America and Europe and relative
exposure in Africa and Asia.
EDP is among largest Portuguese industrial group, is among the major
European operators and is the 3rd largest producer of wind energy.
Chairman/CEO:
Antnio Mexia
Ticker : EDP.LS
Share Price:(09/12/2014)
3.44
Stock Exchange:
Euronext Lisboa
Market Capitalization:
12.7 Billions
Shares
Outstanding: 3.7
Billions
Volume: 7.7
Major Shareholders :
Company News
According to Reuters, Moodys affirms rating of EDP revising its
outlook from negative to positive, which is partly in line with the
deleveraging policy of EDP. This change is particularly due to an
2013
2012
2011
2010
Net Profit
Revenue
Million
Main Competitors
GALP Energia
Stock Performance
Iberdrola
120
3,50
100
3,00
2014
Company
Sector
Price to Sales
1.95
3.2
EV / EBITDA
7.84
14.3
PER
38.17
14.8
PBV
0.73
3.8
80
2,50
2,00
60
Close
Volume
1,50
40
1,00
20
0,50
0,00
2009
Multiples
Million
4,00
0
2010
2011
2012
2013
2014
Valuation Results
According to our valuation, the value per
share of the company is higher than its price
per share. That means, under our
assumptions, EDP is undervalued by the
market.
Financial Ratios
4,0
45,0
3,5
40,0
3,0
35,0
2,5
2,0
30,0
EPS ()
25,0
DPS
20,0
1,5
10,0
0,5
5,0
0,0
0,0
2010
2011
2012
2013
0,3
3,85
0,25
3,8
0,15
Default Spread
3,7
Asset Turnover
Ratio
3,65
Return on Equity
3,6
3,55
Financial Leverage
(sec. axis)
3,5
2013
Valuation Summary
2011
2012
2013
1,166
1,144
1,077
0,965
402
434
421
406
CAPEX
2,415
1,005
360
- 696
WC
1,732
80
947
-197
122
18
-54
-3,104
40
-240
1,912
EBITDA
Dep. & Am.
Taxes
FCFF
Joo Rebelo
1.63%
Source: Bloomberg
6.1%
Nga Nhu
Source: IESE BS
4.13%
Kd
0,05
2010
0.99
Source: Reuters
Profit Margin
0,1
(Million )
7.67%
Market Premium
3,75
0,2
2012
Assumptions
2011
3.97
Beta
0,35
2010
DuPont Analysis
2009
34.7 M
Payout Ratio
15,0
1,0
Enterprise Value
2.50%
Source: Damodaran
23.00%
Tax rate
Source: KPMG
D/EV
70.7%
WACC
4.50%
2.30%
Sensitivity Analysis
g
Share Value
()
W
A
C
C
Maria Ferreira
2.28%
2.30%
2.32%
4,52%
4.00
3.69
3.77
4,50%
3.89
3.97
4.05
4.36
3.96
4.14
4,48%
Nakib Ahmed