Publicação
Equity research – EDP renováveis – sunny skies ahead
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | |
| dc.contributor.advisor | Barbosa, Luís | |
| dc.contributor.author | Steinbrech, Simon Valentin | |
| dc.date.accessioned | 2026-05-19T11:00:12Z | |
| dc.date.available | 2026-05-19T11:00:12Z | |
| dc.date.issued | 2026-01-26 | |
| dc.date.submitted | 2025-12-17 | |
| dc.description.abstract | This equity research report (individual report) analyzes EDPR’s near-term performance, strategic outlook, and market positioning within the global renewable energy sector and thereby establishes the base for the conducted analysis, valuation, and investment recommendation. EDPR is positioned as a global renewable energy developer, operator, and independent power producer (IPP) with c.19.8 gigawatt (GW) of installed renewables capacity (as of Q3 2025), predominantly located in Europe and North America, and supported by a highly contracted revenue base and a proven asset-rotation-driven financing model. EDPR’s recent performance and management guidance frames the company’s near-term outlook as execution-driven and growth-focused while transferring to a more selective and value-oriented growth strategy in the medium-term as well as shifting its focal point from onshore wind towards utility-scale photovoltaics (PV) and co-located battery energy storage systems (BESS). The following analysis discusses execution risk, power price volatility exposure, and structural constraints including permitting and grid access as well as global macroeconomic- and trade-policy uncertainty as the company’s main risk factors. Key mitigants discussed include commercial operation date (COD) timing buffers, supply-chain diversification, and high levels of contracted revenues across EDPR’s target markets. EDPR’s foreseen growth trajectory is further supported by favorable renewable energy market dynamics, with solar PV identified as the primary driver of renewable energy capacity growth due to cost advantages, and increasing BESS co-location to mitigate curtailment risk and increase revenue stability amid increasing levels of energy price volatility. This equity research report further utilizes a forecasting framework which derives market and renewable energy technology deployment assumptions from a combination of external sources and company guidance while modelling revenues via a unit-economics-based approach including forecasted installed capacity, load factors, and electricity price proxies. Ultimately, this report discusses the limitations of long-term forecasting and the effects of scenario-based forecasting on EDPR’s share price. | eng |
| dc.identifier.tid | 204241057 | |
| dc.identifier.uri | http://hdl.handle.net/10362/203206 | |
| dc.language.iso | eng | |
| dc.relation | UID/ECO/00124/2013 | |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | |
| dc.subject | Equity research | |
| dc.subject | Corporate finance | |
| dc.subject | Financial forecast | |
| dc.subject | Company valuation | |
| dc.title | Equity research – EDP renováveis – sunny skies ahead | eng |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| thesis.degree.name | A Work Project, presented as part of the requirements for the Award of a Master Degree in Finance from the NOVA – School of Business and Economics |