Iberdrola (IBE SM): Buy: 9% EPS CAGR to 2035?

研报英文原文证据摘录

Iberdrola (IBE SM): Buy: 9% EPS CAGR to 2035?

8 July 2026

Iberdrola (IBE SM) EquitiesElectric Utilities

Buy: 9% EPS CAGR to 2035? Spain

◆ Iberdrola offers low-risk five-year EPS CAGR potential of MAINTAIN BUY

c9% on networks and selective renewables growth

TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

◆ We see an improved outlook for renewables and networks in

23.10 21.20 Iberdrola’s markets, which could lead to guidance upgrades

◆ Maintain Buy rating, raise TP to EUR23.10 (from EUR21.20) SHARE PRICE (EUR) UPSIDE/DOWNSIDE

21.33 +8.3%

Maintain Buy rating on high growth at high visibility: Iberdrola’s business mix is (as of 06 Jul 2026)

low risk (dominated by regulated networks and contracted renewables in high-quality MARKET DATA

growth markets) at a high EPS CAGR of 9% for the next five to 10 years, we Market cap (EURm) 140,267 Free float 86%

Market cap (USDm) 160,486 BBG IBE SM

estimate. We see upside to Iberdrola’s business plan from 2H 2025 and believe the 3m ADTV (USDm) 218 RIC IBE.MC

company could upgrade and/or extend its long-term guidance.

FINANCIALS AND RATIOS (EUR)

◆ Iberdrola’s strategic plan continues to focus on high-growth networks with Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 0.91 0.99 1.09 1.19

selective investment in renewables, with gross investment of EUR58bn, of which HSBC EPS (prev) 0.91 0.99 1.08 1.17

cEUR37bn is to be invested in networks and the remaining EUR21bn in its Change (%) 0.0 0.1 1.1 1.1

Consensus EPS 0.95 1.00 1.06 1.14

Generation & retail business. PE (x) 23.3 21.6 19.5 18.0

Dividend yield (%) 3.1 3.4 3.7 4.1

◆ We note an improved outlook for Iberdrola’s three major markets – Iberia, the US EV/EBITDA (x) 12.2 11.8 11.5 10.7

ROE (%) 10.9 11.2 12.0 12.5

and the UK – which we expect to experience healthy electricity demand growth,