Avangrid, Inc.

Informe acción NYSE:AGR

Capitalización de mercado: US$13.9b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Avangrid Resultados de beneficios anteriores

Pasado controles de criterios 5/6

Avangrid ha aumentado sus beneficios a una tasa media anual de 7.8%, mientras que los beneficios de la industria de Electric Utilities han experimentado un crecimiento de 6% anual. Los ingresos han ido creciendo a una tasa media de 7.6% al año. La rentabilidad financiera de Avangrid es de 4.8%, y sus márgenes netos son de 12.9%.

Información clave

7.85%

Tasa de crecimiento de los beneficios

1.73%

Tasa de crecimiento del BPA

Crecimiento de la industria Electric Utilities 6.28%
Tasa de crecimiento de los ingresos7.64%
Rentabilidad financiera4.78%
Margen neto12.89%
Última actualización de beneficios30 Sep 2024

Actualizaciones de resultados anteriores recientes

Recent updates

Seeking Alpha • Dec 27

Avangrid: There Are Better Utilities To Buy

Summary Avangrid, an energy services and delivery company, generated $1.92bn in revenues in Q3'23, a 10.73% YoY decline. The company aims for sustainable earnings growth, network growth, and ESG inclusion to remain a stable income pick. Avangrid's stock has underperformed the utility industry and the wider market, and it has the poorest performance among its peers. Read the full article on Seeking Alpha
Seeking Alpha • Oct 11

Avangrid: Dividend Should Be Suspended To Protect Cash

Summary Avangrid's stock has declined over 33% in the past 16+ months due to missed earnings projections and rising US bond yields. The company's dividend yield is currently 5.84%, which may attract long-term investors who see the stock as undervalued. Avangrid's dividend growth rates have been negligible over the past decade, and its dividend payout ratio is not sustainable due to free cash flow deficits. Read the full article on Seeking Alpha
Seeking Alpha • Jul 28

Avangrid Inc.: Expanding Wind Farms In Hopes Of Reaching Growth Targets

Summary Avangrid Inc. has shown strong results in the renewable energy industry, attracting capital and incentives to invest. The company has a solid market position in the offshore wind market and a history of growing its capacities. However, the growth outlook for AGR is slow compared to other companies in the sector, and its valuation is in line with the industry. AGR is considered a hold rather than a buy. Read the full article on Seeking Alpha
Seeking Alpha • Feb 21

Avangrid Non-GAAP EPS of $0.29 misses by $0.11, revenue of $2.16B beats by $350M

Avangrid press release (NYSE:AGR): Q4 Non-GAAP EPS of $0.29 misses by $0.11. Revenue of $2.16B (+11.9% Y/Y) beats by $350M. 2023 Earnings and Adjusted Earnings Outlook of $1.90-$2.10 per share and $2.20-$2.35 per share vs. $2.29 consensus, respectively; reiterating 6-7% EPS and Adjusted EPS Cumulative Annual Growth Rate through 2025 off of the mid-point of 2022 EPS outlook
Seeking Alpha • Oct 06

Avangrid: Risks Outweigh The Reward

Summary Avangrid kicks off its first investor day with new CEO Pedro Azagra at the helm. The mid-term financial targets were revised lower, but could still be vulnerable to downgrades depending on execution. At the current rich valuation, the risk/reward seems unfavorable at these levels. New CEO Pedro Azagra kicked off his tenure at Avangrid (AGR) with an aggressive growth message, although operating challenges still led to the mid-term EPS target range being lowered to 6-7% CAGR through 2025. To be clear, AGR's growth and dividend potential as a regulated utility are compelling over the long run - through increased investments and the partial sale of its onshore renewable ownership stakes, AGR is on track to build out a more stable earnings stream. Yet, execution remains the key overhang to the outlook over the next twelve months. In particular, the outcome of the pending New York/Connecticut/Maine rate cases could drive significant upward (or downward) revisions to the guidance, along with the pending PNM acquisition. At ~12x EBITDA, the valuation is also rich given the rate case risk and execution challenges ahead. Data by YCharts Offshore Wind as the Key Renewables Driver The primary renewables focus for AGR remains wind (offshore and onshore). For onshore wind, the company is adopting a more risk-adjusted approach via a partnership model. In line with this shift, AGR will sell down ~60% of its 2024-2025 onshore projects, with total onshore megawatts growth down to ~650MW through 2025 (vs the prior plan for ~2.3GW of onshore additions). Given the recent Inflation Reduction Act singled out the importance of renewables as a long-term focus, the lower onshore development targets came as a surprise. Expect the earnings growth potential to move lower as a result, although the move does free up equity financing for other projects or transactions. In the meantime, AGR's offshore scale at 2.4GW (under power purchase agreements) remains intact and should support the overall outlook for the renewables segment. Avangrid For now, execution is the key concern - AGR is guiding for further delays to the commercial operation date for Park City/Commonwealth due to the current supply chain challenges and interest rate headwinds. To mitigate the risk, AGR is increasingly de-risking its cash flow by expanding its regulated utility exposure to offset the risk (mainly via investments and sell downs of its onshore/offshore renewable ownership stakes). Still, I would remain cautious on the project risk associated with building out offshore wind farms, particularly given the limited visibility into project returns at this early stage of the industry cycle. Avangrid A Challenging Mid-Term Financial Outlook AGR's EPS CAGR over the 2022-2025 period now stands at 6-7% (down from the prior 6-8%), inclusive of contribution from PNM and New England Clean Energy Connect (NECEC), as well as new onshore renewables partnerships. The outlook also incorporates a $1.9bn equity raise in FY24 (although asset monetization could reduce the final amount) and proceeds from a partial sale of the Kitty Hawk lease. Of these, AGR's pending PNM acquisition is the top growth driver of the base case - even though an outcome is far from certain given AGR is still litigating in the New Mexico courts. At this stage, I don't take a view on the likelihood of a transaction closing, but would note the significant implications of a deal break to the earnings outlook (negative), as well as the balance sheet (positive, as it negates any future equity financing). Avangrid Beyond the PNM deal, following through on the planned renewable asset sales also represents a crucial step to achieving the mid-term target, particularly given the contribution has already been included in adj EPS. The bar is high for AGR's 2022 EPS guidance as well - at the $2.29/share mid-point, AGR is penciling in a sizeable ~$0.46/share of benefit from one-time offshore wind lease area gains. The current 2023 EPS expectations of around $2.20-$2.40/share also incorporates ~$100m of pre-tax contribution from the partial sale of its Kitty Hawk offshore wind lease area (equivalent to (~$0.20 of EPS). In sum, the execution bar is high and any challenges could result in more earnings downgrades ahead. Pending Rate Cases are the Key Near-Term Swing Factor AGR's active New York/Connecticut/Maine rate cases present material upside/downside to estimates, given these multi-year plans (through 2026) entail capital investments and ROEs well in excess of AGR's revised outlook. AGR has also not incorporated the requested capital/rate base increases in its current ~7% rate base growth outlook, so favorable (or unfavorable) outcomes will be worth keeping an eye on. For context, the NY rate case, the most material of the three, calls for a massive multi-year rate plan requiring $8.6bn of investments over the next three years. The capital outlay will need to be weighed against the ongoing impact of elevated commodity prices on customer bills, though, with the challenging backdrop likely weighing on rate activity going forward. In sum, securing multi-year plans without lofty efficiency targets will be a delicate balancing act for AGR's networks segment and thus, increases the execution risk.

Desglose de ingresos y gastos

Cómo gana y gasta dinero Avangrid. Basado en los últimos beneficios reportados, en base a los últimos doce meses (LTM).

Historial de beneficios e ingresos

NYSE:AGR Ingresos, gastos y beneficios (USD Millions)
FechaIngresosBeneficiosGastos G+AGastos de I+D
30 Sep 248,7051,122-140
30 Jun 248,596976-180
31 Mar 248,260892-200
31 Dec 238,309786-220
30 Sep 238,185536430
30 Jun 238,049582730
31 Mar 238,256681540
31 Dec 227,923881580
30 Sep 227,698898310
30 Jun 227,45890470
31 Mar 227,141818350
31 Dec 216,974707370
30 Sep 216,710709420
30 Jun 216,582685490
31 Mar 216,497675550
31 Dec 206,320581620
30 Sep 206,2586051020
30 Jun 206,275668950
31 Mar 206,283690860
31 Dec 196,336667790
30 Sep 196,394596630
30 Jun 196,453571840
31 Mar 196,4555681070
31 Dec 186,4775871280
30 Sep 186,3463991280
30 Jun 186,1413731640
31 Mar 186,0703861220
31 Dec 175,9633811200
30 Sep 175,921667570
30 Jun 175,99867700
31 Mar 176,106659190
31 Dec 166,01863200
30 Sep 165,68051900
30 Jun 165,31046400
31 Mar 164,81037300
31 Dec 154,36727300
30 Sep 154,33226800
30 Jun 154,26627800
31 Mar 154,26533000
31 Dec 144,59442400
30 Sep 145,3471200
30 Jun 145,1523300
31 Mar 144,8003961,1300
31 Dec 134,313-5100

Ingresos de calidad: AGR tiene ganancias de alta calidad.

Margen de beneficios creciente: Los actuales márgenes de beneficio (12.9%) de AGR son superiores a los del año pasado (6.5%).

Análisis del flujo de caja libre vs. Beneficios

Análisis del crecimiento de los beneficios en el pasado

Tendencia de beneficios: Los beneficios de AGR han crecido un 7.8% al año en los últimos 5 años.

Acelerando crecimiento: El crecimiento de los beneficios de AGR en el último año (109.3%) supera su media de 5 años (7.8% al año).

Beneficios vs. Industria: El crecimiento de los beneficios de AGR en el último año (109.3%) superó al de la industria Electric Utilities 9.5%.

Rentabilidad financiera

Alta ROE: La rentabilidad financiera de AGR (4.8%) se considera baja.

Rentabilidad económica

Rendimiento del capital invertido

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Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2024/12/23 04:09
Precio de las acciones al final del día2024/12/20 00:00
Beneficios2024/09/30
Ingresos anuales2023/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Avangrid, Inc. está cubierta por 11 analistas. 5 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Eric BeaumontBarclays
Paul ZimbardoBofA Global Research
Gregory GordonEvercore ISI