Growth opportunities into Q2 and beyond, retain Buy on HOT

Research evidence excerpt

Growth opportunities into Q2 and beyond, retain Buy on HOT

EMEA - Utilities & Infrastructure Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

TAV Havalimanlari TAVHF TAVHL TI Marcin Wojtal

United Utilities UUGWF UU/ LN Peter Bisztyga

NEUTRAL

Athens International Airport ATHNF AIA GA Marcin Wojtal

Cox COXGF COXG SM Alexandre Braunshausen, CFA

E.ON ENAKF EOAN GY Peter Bisztyga

E.ON EONGY EONGY US Peter Bisztyga

Eiffage EFGSF FGR FP Marcin Wojtal

Enel ESOCF ENEL IM Peter Bisztyga

Enel ENLAY ENLAY US Peter Bisztyga

Getlink GRPTF GET FP Marcin Wojtal

Solaria SEYMF SLR SM Alexandre Braunshausen, CFA

Veolia VEOEF VIE FP Alexandre Braunshausen, CFA

Veolia VEOEY VEOEY US Alexandre Braunshausen, CFA

UNDERPERFORM

Acciona ACXIF ANA SQ Alexandre Braunshausen, CFA

Acciona Energia XUXDF ANE SQ Alexandre Braunshausen, CFA

ADP Aeroports de Paris AEOXF ADP FP Marcin Wojtal

EDP EDPFY EDPFY US Alexandre Braunshausen, CFA

EDP ELCPF EDP PL Alexandre Braunshausen, CFA

EDPR EDRVF EDPR PL Alexandre Braunshausen, CFA

Enagas S.A. ENGGF ENG SM Alexandre Braunshausen, CFA

ERG ERGZF ERG IM Alexandre Braunshausen, CFA

Fortum FOJCF FORTUM FH Alexandre Braunshausen, CFA

Redeia RDEIF RED SM Marcin Wojtal

Snam SNMRF SRG IM Marcin Wojtal

Terna TERRF TRN IM Marcin Wojtal

Verbund OEZVF VER AV Alexandre Braunshausen, CFA

Vinci VCISF DG FP Marcin Wojtal

Vinci VCISY VCISY US Marcin Wojtal

RVW

Hidroelectrica XSDHF H2O RO Peter Bisztyga

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales