Company Valuation: EDP, S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 19,070 18,378 18,976 12,871 16,184 20,070 - -
Change - -3.63% 3.26% -32.17% 25.75% 24.01% - -
Enterprise Value (EV) 1 30,635 18,378 34,295 28,436 31,541 36,939 36,808 36,752
Change - -40.01% 86.61% -17.09% 10.92% 17.11% -0.36% -0.15%
P/E 29.2x 27.2x 20x 16.3x 14x 15.1x 15.7x 15x
PBR 2.05x - 1.64x 1.1x 1.44x 1.57x 1.51x 1.41x
PEG - 8.04x 0.6x -1x 0.3x 1x -3.95x 3.03x
Capitalization / Revenue 1.27x 0.89x 1.17x 0.86x 1.04x 1.26x 1.25x 1.24x
EV / Revenue 2.04x 0.89x 2.12x 1.9x 2.02x 2.31x 2.3x 2.27x
EV / EBITDA 8.23x 4.06x 6.83x 5.92x 6.27x 7.09x 7.1x 6.93x
EV / EBIT 15.9x 7.26x 12.3x 12.6x 10.5x 11.6x 11.7x 11.4x
EV / FCF -23x 66.2x -10.7x -21.7x -80.4x 28.5x 66.1x 70.3x
FCF Yield -4.35% 1.51% -9.39% -4.61% -1.24% 3.51% 1.51% 1.42%
Dividend per Share 2 0.19 0.19 0.195 0.2 0.205 0.1993 0.2109 0.2163
Rate of return 3.93% 4.08% 4.28% 6.47% 5.24% 4.11% 4.34% 4.45%
EPS 2 0.1656 0.1712 0.2275 0.19 0.28 0.3212 0.3084 0.3237
Distribution rate 115% 111% 85.7% 105% 73.2% 62% 68.4% 66.8%
Net sales 1 14,983 20,651 16,202 14,966 15,607 15,986 16,031 16,176
EBITDA 1 3,723 4,524 5,020 4,801 5,028 5,208 5,182 5,304
EBIT 1 1,931 2,530 2,798 2,262 2,999 3,183 3,146 3,233
Net income 1 657 679 952 801 1,150 1,356 1,298 1,365
Net Debt 1 11,565 - 15,319 15,565 15,357 16,869 16,738 16,682
Reference price 2 4.832 4.656 4.555 3.091 3.915 4.855 4.855 4.855
Nbr of stocks (in thousands) 3,946,678 3,947,065 4,165,997 4,163,910 4,133,900 4,133,898 - -
Announcement Date 2/17/22 3/1/23 3/1/24 3/13/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.87x5.2x37.87x0.21% 253B
19.68x8.77x15.04x3.12% 165B
20.07x4.13x11.35x3.56% 151B
12.26x1.82x6.46x5.79% 101B
19.05x5.69x12.47x3.57% 97.95B
20.73x3.23x13.11x0.65% 93.35B
17.24x5.45x10.94x3.74% 90.69B
18.69x5.04x12.18x3.2% 65.47B
17.41x6.04x12.72x4.28% 54.91B
Average 19.56x 5.04x 14.68x 3.12% 119.25B
Weighted average by Cap. 21.33x 5.21x 18.05x 2.69%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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