EDP Renewables (EDPR.LS): All in good time; we reiterate Buy

研报英文原文证据摘录

EDP Renewables (EDPR.LS): All in good time; we reiterate Buy

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31 Jul 2026 00:00:00 ET │ 19 pages

EDP Renewables (EDPR.LS)

All in good time; we reiterate Buy

CITI'S TAKE

Buy In our view, EDPR's 1H26 results with FY26 guidance upgrade and recent

asset rotations all point to an improved operating environment and Price (30 Jul 26 16:30) €13.45

underpin a conservative set of consensus forecasts. What is yet to be Target price €16.00↓

priced in the EDPR shares, in our view, is the growth upside from FY28–30, from €16.50

reflecting a combination of repowering opportunities, value-creative asset Expected share price return 19.0%

rotation, and PPA renegotiations, for which EDPR has committed to Expected dividend yield 0.7%

providing an update at its CMD in 2Q27. With potential for further

Expected total return 19.7% disposals in 2H—and if current robust power prices were to continue—we

Market Cap €14,253M could see further upward pressure to FY26 earnings. In our view, for EDPR

shares to re-rate from here, we need to see consistent delivery US$16,345M

operationally (on-time and on-budget projects, as well as value-creative

disposals) and more concrete plans/targets for future growth, both of

which we believe will come through over the next 12 months. Buy.

Jenny PingAC

+44-207-986-6974

Organic growth potential through repowering and PPA repricing — We see upside jenny.ping@citi.com

opportunities at EDPR to repowering its assets. Not only will repowering extend the

Chris McDonaghlife of existing assets, but it will also improve the load factor and efficiency of the

assets, at capex that is 60–70% of a new facility. Looking at the potential scale of +44-20-7986-2118

repowering, we see c.6.5GW of potential repowering opportunities through to 2035 chris.mcdonagh@citi.com