2024-04-03 12:27:59 ET
Summary
- Iren's income growth is in double digits despite a non-recurring effect and general economic pressure.
- Major recovery in the market segment due to the calmer commodity prices compared to 2022.
- Regulated businesses suffered on account of inflation. Energy did alright, especially hydro whose conditions improved.
- Valuations are in line with Italian peers. We don't see a value case here. Also, a cold winter is still a risk factor for Iren and European CCGT heavy utilities.
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Iren: Mild Winter Came Through