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IRDEY - Iren SpA: Heavier Leverage, Fewer Renewables Than EDP
Iren Spa ADR
2025-03-25 16:43:48 ET
Summary
Iren saw benefits from a new regulatory period in 2024 with better regulatory parameters in line with a dramatically new cost of capital situation.
Energy suffered from lower electricity prices and lower ancillary business that got extreme, with Italians all rushing to take advantage of ECOBONUS.
Valuation is similar to EDP, but EDP has no gas exposure on cost side and already hedged political risk with mostly renewable generation. So we prefer EDP.