Iberdrola
Iberdrola, S.A., through its subsidiaries, engages in the generation, transmission, distribution, sale, and retail of electricity in Spain, Portugal, the United Kingdom, North America, the United Sates, Brazil, and internationally. The last earnings update was 26 days ago. More info.
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IBE Share Price and Events
7 Day Returns
1 Year Returns
IBE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Iberdrola (IBE) | 0.6% | 4.9% | 11.4% | 24.6% | 33.8% | 56.2% |
| Europe Electric Utilities | 1.9% | 2.2% | 3.6% | 10% | 27.3% | -0.2% |
| ES Market | 1.4% | -3.3% | 1.1% | -7.4% | 8.6% | -15.8% |
1 Year Return vs Industry and Market
- IBE outperformed the Electric Utilities industry which returned 10% over the past year.
- IBE outperformed the Market in Spain which returned -7.4% over the past year.
Value
Is Iberdrola undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Iberdrola
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Iberdrola.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 18 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.1% |
| Perpetual Growth Rate | 10-Year ES Government Bond Rate | 1.5% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year ES Govt Bond Rate | 1.5% |
| Equity Risk Premium | S&P Global | 8.2% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.23 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 25%) (75.12%)) |
0.576 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (0.8 * 8.18%) |
8.07% |
Discounted Cash Flow Calculation for BME:IBE using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Iberdrola is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (EUR, Millions) | Source |
Present Value Discounted (@ 8.07%) |
|
|---|---|---|---|
| 2019 | 769.01 | Analyst x7 | 711.59 |
| 2020 | 1,304.02 | Analyst x11 | 1,116.54 |
| 2021 | 2,649.11 | Analyst x7 | 2,098.87 |
| 2022 | 3,388.33 | Analyst x6 | 2,484.08 |
| 2023 | 5,768.00 | Analyst x2 | 3,912.91 |
| 2024 | 7,536.47 | Est @ 30.66% | 4,730.83 |
| 2025 | 9,188.45 | Est @ 21.92% | 5,337.11 |
| 2026 | 10,640.38 | Est @ 15.8% | 5,718.94 |
| 2027 | 11,866.04 | Est @ 11.52% | 5,901.46 |
| 2028 | 12,877.15 | Est @ 8.52% | 5,926.09 |
| Present value of next 10 years cash flows | €37,938.41 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €12,877.15 × (1 + 1.53%) ÷ (8.07% – 1.53%) |
€199,780.82 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €199,780.82 ÷ (1 + 8.07%)10 |
€91,939.53 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €37,938.41 + €91,939.53 |
€129,877.94 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €129,877.94 / 6,312.69 |
€20.57 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €20.57 |
| Current discount | Discount to share price of
€8.16
= -1 x (€8.16 - €20.57) / €20.57 |
60.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Iberdrola's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Iberdrola's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Iberdrola's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Iberdrola's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in EUR | €0.49 |
| BME:IBE Share Price ** | BME (2019-05-21) in EUR | €8.16 |
| Europe Electric Utilities Industry PE Ratio | Median Figure of 66 Publicly-Listed Electric Utilities Companies | 11.76x |
| Spain Market PE Ratio | Median Figure of 134 Publicly-Listed Companies | 17.96x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Iberdrola.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = BME:IBE Share Price ÷ EPS (both in EUR) = 8.16 ÷ 0.49 |
16.57x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Iberdrola is overvalued based on earnings compared to the Europe Electric Utilities industry average.
- Iberdrola is good value based on earnings compared to the Spain market.
Price based on expected Growth
Does
Iberdrola's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.57x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
6%per year |
| Europe Electric Utilities Industry PEG Ratio | Median Figure of 32 Publicly-Listed Electric Utilities Companies | 1.38x |
| Spain Market PEG Ratio | Median Figure of 77 Publicly-Listed Companies | 1.57x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.57x ÷ 6% |
2.77x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Iberdrola is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Iberdrola's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in EUR | €6.12 |
| BME:IBE Share Price * | BME (2019-05-21) in EUR | €8.16 |
| Europe Electric Utilities Industry PB Ratio | Median Figure of 73 Publicly-Listed Electric Utilities Companies | 0.89x |
| Spain Market PB Ratio | Median Figure of 179 Publicly-Listed Companies | 1.68x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = BME:IBE Share Price ÷ Book Value per Share (both in EUR) = 8.16 ÷ 6.12 |
1.33x |
* Primary Listing of Iberdrola.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Iberdrola is overvalued based on assets compared to the Europe Electric Utilities industry average.
Value checks
We assess Iberdrola's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) Iberdrola has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Iberdrola expected to perform in the next 1 to 3 years based on estimates from 18 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Iberdrola's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
- Iberdrola's earnings growth is positive but not above the Spain market average.
- Iberdrola's revenue growth is expected to exceed the Spain market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| BME:IBE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 6% |
| BME:IBE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 4.7% |
| Europe Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 9.5% |
| Europe Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
| Spain Market Earnings Growth Rate | Market Cap Weighted Average | 8.1% |
| Spain Market Revenue Growth Rate | Market Cap Weighted Average | 4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 46,367 | 10,138 | 4,174 | 1 |
| 2022-12-31 | 43,138 | 9,684 | 3,928 | 5 |
| 2021-12-31 | 40,329 | 9,069 | 3,718 | 15 |
| 2020-12-31 | 38,969 | 8,392 | 3,502 | 18 |
| 2019-12-31 | 37,180 | 7,839 | 3,273 | 17 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 35,871 | 7,473 | 3,191 |
| 2018-12-31 | 35,076 | 7,586 | 3,065 |
| 2018-09-30 | 35,590 | 9,041 | 2,731 |
| 2018-06-30 | 33,884 | 2,949 | |
| 2018-03-31 | 32,411 | 6,433 | 3,067 |
| 2017-12-31 | 31,263 | 5,685 | 3,057 |
| 2017-09-30 | 29,177 | 2,761 | 3,181 |
| 2017-06-30 | 28,936 | 6,412 | 2,867 |
| 2017-03-31 | 28,770 | 6,331 | 2,765 |
| 2016-12-31 | 28,759 | 6,720 | 2,806 |
| 2016-09-30 | 29,267 | 6,763 | 2,544 |
| 2016-06-30 | 30,191 | 6,847 | 2,362 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from Iberdrola Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 0.63 | 0.63 | 0.63 | 1.00 |
| 2022-12-31 | 0.63 | 0.72 | 0.61 | 6.00 |
| 2021-12-31 | 0.59 | 0.70 | 0.55 | 15.00 |
| 2020-12-31 | 0.56 | 0.60 | 0.52 | 19.00 |
| 2019-12-31 | 0.52 | 0.55 | 0.50 | 16.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.49 |
| 2018-12-31 | 0.47 |
| 2018-09-30 | |
| 2018-06-30 | |
| 2018-03-31 | 0.46 |
| 2017-12-31 | 0.46 |
| 2017-09-30 | 0.48 |
| 2017-06-30 | 0.43 |
| 2017-03-31 | 0.42 |
| 2016-12-31 | 0.42 |
| 2016-09-30 | 0.39 |
| 2016-06-30 | 0.36 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Iberdrola's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Iberdrola has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Iberdrola performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Iberdrola's year on year earnings growth rate has been positive over the past 5 years.
- Iberdrola's 1-year earnings growth is less than its 5-year average (4% vs 6.9%)
- Iberdrola's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (4% vs -5.5%).
Earnings and Revenue History
All data from Iberdrola Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 35,871.27 | 3,191.12 | 5,222.99 | |
| 2018-12-31 | 35,075.87 | 3,065.22 | 5,148.79 | |
| 2018-09-30 | 35,589.96 | 2,731.31 | 5,179.27 | |
| 2018-06-30 | 33,883.96 | 2,949.11 | 5,098.67 | |
| 2018-03-31 | 32,411.36 | 3,067.41 | 5,121.97 | |
| 2017-12-31 | 31,263.26 | 3,057.01 | 5,017.67 | |
| 2017-09-30 | 29,177.35 | 3,180.55 | 4,210.77 | |
| 2017-06-30 | 28,935.75 | 2,867.25 | 4,174.77 | |
| 2017-03-31 | 28,769.75 | 2,764.55 | 4,098.87 | |
| 2016-12-31 | 28,759.15 | 2,805.65 | 4,141.27 | |
| 2016-09-30 | 29,266.79 | 2,543.58 | 4,355.96 | |
| 2016-06-30 | 30,191.15 | 2,361.82 | 4,450.43 | |
| 2016-03-31 | 30,822.79 | 2,449.48 | 4,475.66 | |
| 2015-12-31 | 31,418.69 | 2,421.58 | 4,353.76 | |
| 2015-09-30 | 31,525.07 | 2,465.82 | 4,255.31 | |
| 2015-06-30 | 30,972.61 | 2,440.98 | 4,112.94 | |
| 2015-03-31 | 30,487.97 | 2,320.32 | 4,000.81 | |
| 2014-12-31 | 30,032.27 | 2,326.52 | 3,931.21 | |
| 2014-09-30 | 30,372.91 | 2,103.22 | 3,978.44 | |
| 2014-06-30 | 30,368.71 | 2,271.62 | 3,952.14 | |
| 2014-03-31 | 30,658.81 | 2,566.02 | 3,889.64 | |
| 2013-12-31 | 31,077.11 | 2,597.62 | 3,909.44 | |
| 2013-09-30 | 31,866.59 | 2,695.39 | 3,875.61 | |
| 2013-06-30 | 33,102.39 | 2,831.49 | 3,990.81 | |
| 2013-03-31 | 33,613.49 | 2,621.39 | 4,103.31 | |
| 2012-12-31 | 34,201.00 | 2,765.00 | 4,218.00 | |
| 2012-09-30 | 33,515.44 | 3,006.15 | 4,077.11 | |
| 2012-06-30 | 33,090.46 | 2,902.62 | 4,020.06 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Iberdrola has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Iberdrola used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
- Iberdrola has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Iberdrola's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Iberdrola has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Iberdrola's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Iberdrola's finances.
The net worth of a company is the difference between its assets and liabilities.
- Iberdrola's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Iberdrola's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Iberdrola Company Filings, last reported 1 month ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 45,701.00 | 38,695.00 | 3,713.00 |
| 2018-12-31 | 43,976.55 | 37,326.47 | 3,376.46 |
| 2018-09-30 | 42,541.00 | 38,114.00 | 3,515.00 |
| 2018-06-30 | 43,786.00 | 37,477.00 | 3,643.00 |
| 2018-03-31 | 42,678.00 | 36,910.00 | 3,683.00 |
| 2017-12-31 | 42,733.19 | 36,690.50 | 3,624.89 |
| 2017-09-30 | 42,163.00 | 36,762.00 | 2,888.00 |
| 2017-06-30 | 39,506.18 | 32,165.19 | 2,431.13 |
| 2017-03-31 | 40,847.00 | 32,051.00 | 2,931.00 |
| 2016-12-31 | 40,687.39 | 31,220.68 | 2,004.14 |
| 2016-09-30 | 39,428.00 | 30,963.00 | 2,890.00 |
| 2016-06-30 | 39,617.73 | 30,945.21 | 3,458.12 |
| 2016-03-31 | 40,168.00 | 29,724.00 | 1,670.00 |
| 2015-12-31 | 40,956.05 | 29,444.48 | 1,717.36 |
| 2015-09-30 | 37,553.00 | 27,769.00 | 2,401.00 |
| 2015-06-30 | 38,105.19 | 27,421.87 | 2,196.46 |
| 2015-03-31 | 37,506.00 | 29,645.00 | 3,175.00 |
| 2014-12-31 | 35,705.30 | 27,138.90 | 2,857.55 |
| 2014-09-30 | 36,022.00 | 28,005.00 | 4,320.00 |
| 2014-06-30 | 35,689.46 | 27,371.61 | 4,223.93 |
| 2014-03-31 | 35,382.00 | 27,425.00 | 3,935.00 |
| 2013-12-31 | 35,288.60 | 27,662.92 | 1,869.74 |
| 2013-09-30 | 34,970.00 | 30,308.00 | 4,780.00 |
| 2013-06-30 | 35,153.00 | 27,221.00 | 5,328.00 |
| 2013-03-31 | 34,685.00 | 32,659.00 | 5,721.00 |
| 2012-12-31 | 33,207.00 | 32,884.00 | 6,575.00 |
| 2012-09-30 | 33,959.00 | 33,698.00 | 6,418.00 |
| 2012-06-30 | 34,262.66 | 34,994.46 | 5,722.05 |
- Iberdrola's level of debt (84.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (77.5% vs 84.7% today).
- Debt is not well covered by operating cash flow (19.3%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 6.7x coverage).
Financial health checks
We assess Iberdrola's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Iberdrola has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Iberdrola's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
Iberdrola
shares you are expected to receive
€123
in your first year as a dividend.
Dividend Amount
- Iberdrola's pays a higher dividend yield than the bottom 25% of dividend payers in Spain (2.23%).
- Iberdrola's dividend is above the markets top 25% of dividend payers in Spain (5.15%).
Upcoming dividend payment
Purchase Iberdrola before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Europe Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 44 Stocks | 4.5% |
| Spain Market Average Dividend Yield | Market Cap Weighted Average of 76 Stocks | 4.4% |
| Spain Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Spain Bottom 25% Dividend Yield | 25th Percentile | 2.2% |
| Spain Top 25% Dividend Yield | 75th Percentile | 5.2% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.47 | 2.00 |
| 2022-12-31 | 0.44 | 10.00 |
| 2021-12-31 | 0.42 | 18.00 |
| 2020-12-31 | 0.39 | 22.00 |
| 2019-12-31 | 0.37 | 20.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-22 | 0.501 | 6.434 |
| 2019-02-20 | 0.501 | 6.789 |
| 2018-02-23 | 0.372 | 5.715 |
| 2018-02-21 | 0.372 | 6.201 |
| 2017-11-07 | 0.280 | 4.310 |
| 2017-07-21 | 0.280 | 4.141 |
| 2017-02-27 | 0.030 | 0.444 |
| 2016-02-26 | 0.030 | 0.503 |
| 2015-02-23 | 0.030 | 0.484 |
| 2015-02-19 | 0.030 | 0.507 |
| 2014-11-20 | 0.030 | 0.521 |
| 2014-02-21 | 0.030 | 0.566 |
| 2013-10-01 | 0.030 | 0.656 |
| 2013-02-14 | 0.030 | 0.742 |
| 2012-07-17 | 0.030 | 0.823 |
| 2012-03-13 | 0.030 | 0.838 |
| 2012-01-16 | 0.030 | 0.658 |
| 2011-02-28 | 0.030 | 0.572 |
| 2011-02-24 | 0.030 | 0.493 |
| 2010-06-17 | 0.334 | 6.091 |
| 2010-05-14 | 0.334 | 6.541 |
| 2010-01-15 | 0.334 | 5.641 |
| 2009-12-15 | 0.327 | 5.060 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Iberdrola has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but Iberdrola only paid a dividend in the past 9 years.
Income/ dividend checks
We assess Iberdrola's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Iberdrola afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Iberdrola has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | €6,149,000 |
| AGE | 68 |
| TENURE AS CEO | 18 years |
CEO Bio
Mr. Jose Ignacio Sanchez Galán has been the Chief Executive Officer of Iberdrola, S.A. since May 2001. Mr. Sanchez Galán serves as the Managing Director of Industria de Turbo Propulsores (ITP) and the Chief Executive Officer of Airtel Móvil (now Vodafone España S.A.U.). He serves as General Manager of Industria de Turbo Propulsores, S.A. (ITP). He has served as Chief Operating Officer of Industria de Turbo Propulsores, S.A. (ITP). He has been an Executive Director of Iberdrola, S.A. since May 21, 2001. He was also a founder of the Matarromera Group. He served as the Chief Executive Officer Iberdrola Renovables S.A. Mr. Sanchez Galán served as various executive and management positions at Sociedad Española del Acumulador Tudor, S.A. (now, Exide Group and served as Chairman & Chief Executive Officer of its European subsidiaries and various companies within its group. He served as Executive Vice President of Iberdrola since May 2001. He served as Chairman of the Board for Avangrid Networks, Inc. Mr. Sanchez Galán has been the Chairman of Iberdrola, S.A. since April 26, 2006. He serves as the Chairman of the German consortium Eurojet. Mr. Sanchez Galán serves as the Chairman of Apex Inmobiliaria. He has been Chairman at El Desafío Español 2007, S.A. He serves as Chairman of the Board of Iberdrola Inmobiliaria, S.A.U. Since 2007, he has been the Chairman of Scottish Power Limited. He serves as the Chairman of the Social Board of Universidad de Salamanca. Mr. Sanchez Galán serves as a Vice Chairman at Corporación Empresarial de Extremadura, S.A. He serves as Director of Industria de Turbo Propulsores, S.A. (ITP). He is a member of the Board of Trustees at the following institutions, among others: Fundación Iberdrola, Fundación Príncipe de Asturias, Fundación Cotec, Aspen Institute, Fundación Carolina,Real Instituto Elcano, Real Patronato Museo del Prado, Fundación Museo Guggenheim de Bilbao, Fundación General Universidad de Salamanca and Fundación Consejo España-Estados Unidos. He serves as Director of Page Ibérica, S.A. and Bodegas Matarromera, a Member of the Board of Trustees of Fundación Universitaria Comillas-ICAI, of the Fundación Universidad Pontificia de Salamanca, of Fundación de Estudios Financieros and of Fundación Premysa and of the Accenture Energy Advisory Board. He serves as a professor at the School of Industrial Engineers at ICAI. He is a visiting professor at the University of Strathclyde, Glasgow and has been on the faculty of Escuela Técnica Superior de Ingeniería (ICAI) of Universidad Pontificia Comillas. He served as Chairman of Iberdrola Renovables SA from November 5, 2007 to 2011. He served as Chairman of the European Eurojet military aerospace consortium, based in Germany. He served as Vice Chairman of Iberdrola, S.A. until April 2006. Mr. Sanchez Galán was also a Director of the Matarromera Group. He served as Director of Galp Energia SGPS SA since July 19, 2001. He served as Director at Red Eléctrica Corporación S A. (Red Electrica De Espana) from June 26, 2001 to June 2005 and its Legal Director until June 2005. He served as Member of the Supervisory Board at Nutreco N.V. (Nutreco Holding N.V.) since May 27, 1999. He was distinguished as Best CEO for European utilities and for Spanish listed companies in the area of investor relations, according to the Thomson Extel Survey 2011 and as Best CEO in European utilities in the 2011 All-Europe Executive Team ranking, prepared by the Institutional Investor Research Group; and he has been appointed Consul of Bilbao by the Bilbao Chamber of Commerce. He was also awarded the 2009 Gold Medal by the Province of Salamanca; the 2008 Business Leader of the Year Award, granted by the Spain-United States Chamber of Commerce; the 2008 International Economy Prize from Fundación Cristóbal Gabarrón and the Best CEO of the Year Award in 2006, as part of the Platts Global Energy Awards. He was also the recipient for five consecutive years (2003-2007) of the Best European Utility Top Executive Award, given by the Institutional Investor Research Group and for three consecutive years (2003-2005) of the Best CEO in Investor Relations Award, given by IR Magazine (awards given on the basis of surveys among stock market analysts and mutual fund managers). He is an Industrial engineer from Escuela Superior de Ingeniería (ICAI) of Universidad Pontificia Comillas (Madrid). He has been awarded honorary doctorate degrees by the Universities of Salamanca and Edinburgh. He has a Graduate degree in Business Administration and Foreign Trade from ICADE of the Universidad Pontificia de Comillas (Madrid) and a Graduate Degree in General Corporate Management and Foreign Trade from the Escuela de Organización Industrial (EOI) of Madrid.
CEO Compensation
- José's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
- José's remuneration is higher than average for companies of similar size in Spain.
Management Team Tenure
Average tenure and age of the Iberdrola management team in years:
- The tenure for the Iberdrola management team is about average.
Management Team
José Sánchez Galán
Chairman & CEO
€6M
68
18 yrs
Francisco Martínez Córcoles
Group Business CEO & Executive Director
€905K
62
4.9 yrs
José Sainz Armada
Chief Financial & Resources Officer
59
Juan Rebollo Liceaga
Director of Administration & Control
56
Ignacio Cuenca Arambarri
Head of Investor Relations
Santiago Matias Garrido
Chief Legal Officer
50
3.3 yrs
Jesús García López
Director of External Communication
Pedro Azagra Blázquez
Director of Corporate Development
50
Ramón Castresana
Director of Human Resources
Agustín Delgado
Chief Innovation & Sustainability Officer
Board of Directors Tenure
Average tenure and age of the Iberdrola board of directors in years:
- The tenure for the Iberdrola board of directors is about average.
Board of Directors
José Sánchez Galán
Chairman & CEO
€6M
68
13.1 yrs
Inés Macho Stadler
Non-Executive Vice Chairman
€517K
59
0.9 yrs
Santiago Matias Garrido
Chief Legal Officer
50
1.7 yrs
Joaquim Augusto de Pina Moura
Chairman of Iberdrola Portugal
Francisco Martínez Córcoles
Group Business CEO & Executive Director
€905K
62
2.2 yrs
Samantha Barber
Independent Director
€514K
49
10.8 yrs
María Antolín Raybaud
Independent Director
€487K
52
9.2 yrs
Georgina Kessel Martínez
Independent Director
€499K
68
6.1 yrs
Juan González Serna
Lead Director
€210K
63
0.9 yrs
Iñigo de Oriol Ibarra
External Director
€299K
56
13.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 31. May 18 | Buy | Georgina Kessel Martínez | Individual | 25. May 18 | 25. May 18 | 2,000 | €6.49 | €12,980 | ||
Management checks
We assess Iberdrola's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Iberdrola has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Is Iberdrola, S.A.'s (BME:IBE) 7.6% ROE Strong Compared To Its Industry?
This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every €1 worth of equity in the company, it was able to earn €0.076. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes Iberdrola SA (BME:IBE)'s Capital Return Make The Cut?
and looking to gauge the potential return on investment in Iberdrola SA (BME:IBE). … This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … Thus, to understand how your money can grow by investing in Iberdrola, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)
Simply Wall St - – Full articleDoes Iberdrola SA's (BME:IBE) Recent Track Record Look Strong?
Today I will assess IBE's recent performance announced on 30 June 2018 and evaluate these figures to its long-term trend and industry movements. … Did IBE's recent earnings growth beat the long-term trend and the industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 4.3%, indicating the rate at which IBE is growing has slowed down
Simply Wall St - – Full articleDoes Iberdrola SA (BME:IBE) Create Value For Shareholders?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every €1 worth of shareholders' equity, it generated €0.078 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhat does Iberdrola SA's (BME:IBE) Balance Sheet Tell Us About Its Future?
Investors seeking to preserve capital in a volatile environment might consider large-cap stocks such as Iberdrola SA (BME:IBE) a safer option. … Let’s take a look at Iberdrola’s leverage and assess its financial strength to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself
Simply Wall St - – Full articleIntrinsic Calculation For Iberdrola SA (BME:IBE) Shows Investors Are Overpaying
I am going to run you through how I calculated the intrinsic value of Iberdrola SA (BME:IBE). … by projecting its future cash flows and then discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model
Simply Wall St - – Full articleWhat Should You Know About Iberdrola SA's (BME:IBE) Return On Capital?
and looking to gauge the potential return on investment in Iberdrola SA (BME:IBE). … Therefore, looking at how efficiently Iberdrola is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).
Simply Wall St - – Full articleIberdrola SA (BME:IBE): What Can We Expect In The Future?
After Iberdrola SA's (BME:IBE) recent earnings announcement in March 2018, … as a -1.68% fall in profits is expected in the upcoming year … the past 5-year average growth rate of 0.13%.
Simply Wall St - – Full articleIs Iberdrola SA (BME:IBE) A Great Dividend Stock?
Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Iberdrola SA (BME:IBE) has returned to shareholders over the past 10 years, an average dividend yield of 2.00% annually. … Let's take a look at Iberdrola in more detail.
Simply Wall St - – Full articleIberdrola SA (BME:IBE): What You Have To Know Before Buying For The Upcoming Dividend
Have you been keeping an eye on Iberdrola SA's (BME:IBE) upcoming dividend of €0.15 per share payable on the 19 July 2018? … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Iberdrola's latest financial data to analyse its dividend attributes. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:
Simply Wall St - – Full articleCompany Info
Description
Iberdrola, S.A., through its subsidiaries, engages in the generation, transmission, distribution, sale, and retail of electricity in Spain, Portugal, the United Kingdom, North America, the United Sates, Brazil, and internationally. It operates through Network Business, Deregulated Business, Renewable Business, and Other Businesses segments. The company generates electricity through hydroelectric, nuclear, coal, gas combined cycle, and cogeneration facilities; and electricity from onshore and offshore wind, mini-hydro, solar thermal, photovoltaic, biomass, etc. It also stores, trades in, and retails natural gas. In addition, the company provides engineering and construction services for power generation facilities; and sells and rents housing, offices, and commercials. Further, it engages in services, data management, general networking, asset management, marketing, telecommunications, real estate, material merchandising, purchase agency, finance, insurance, and other businesses. The company is headquartered in Bilbao, Spain.
Details
| Name: | Iberdrola, S.A. |
| IBE | |
| Exchange: | BME |
| Founded: | |
| €51,511,525,577 | |
| 6,312,686,958 | |
| Website: | http://www.iberdrola.com |
| Address: |
Iberdrola, S.A. Plaza Euskadi, 5, Bilbao, Basque Country, 48009, Spain |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| BME | IBE | Bearer Shares | Bolsas y Mercados Espanoles | ES | EUR | 17. Nov 1980 | |
| OTCPK | IBDS.F | Bearer Shares | Pink Sheets LLC | US | USD | 17. Nov 1980 | |
| DB | IBE1 | Bearer Shares | Deutsche Boerse AG | DE | EUR | 17. Nov 1980 | |
| XTRA | IBE | Bearer Shares | XETRA Trading Platform | DE | EUR | 17. Nov 1980 | |
| LSE | 0HIT | Bearer Shares | London Stock Exchange | GB | EUR | 17. Nov 1980 | |
| BIT | IBE | Bearer Shares | Borsa Italiana | IT | EUR | 17. Nov 1980 | |
| WBAG | IBE | Bearer Shares | Wiener Boerse AG | AT | EUR | 17. Nov 1980 | |
| BMV | IBE N | Bearer Shares | Bolsa Mexicana de Valores | MX | MXN | 17. Nov 1980 | |
| BATS-CHIXE | IBEE | Bearer Shares | BATS 'Chi-X Europe' | GB | EUR | 17. Nov 1980 | |
| OTCPK | IBDR.Y | SPON ADR | Pink Sheets LLC | US | USD | 27. Apr 2007 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/21 21:24 |
| End of day share price update: | 2019/05/21 00:00 |
| Last estimates confirmation: | 2019/05/20 |
| Last earnings filing: | 2019/04/25 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
