Iberdrola (IBE), seguimiento de las acciones

Estaba leyendo esta noticia que publicó esta madrugada el Financial Times:

Utilities are in need of a new model

https://www.ft.com/content/94ab38f6-6fd2-11e8-852d-d8b934ff5ffa

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Aquí el texto

Over the past 10 years, energy utilities across the world have delivered average cumulative shareholder returns of just 1 per cent. The figure comes from an interesting new paper from McKinsey, which looked at 50 publicly listed utilities. By comparison, the performance of a global index of overall corporate performance showed a gain of 55 per cent.  Investors have had a miserable time. Many of the companies in the survey have lost value, some considerably. Centrica of the UK has seen its share price fall 50 per cent over the past four years. France’s EDF has lost 65 per cent of its value since the 2005 initial public offering. Despite some recent recovery, the German utility RWE is worth little more than a fifth of its peak value 10 years ago. What has caused this chronic underperformance?  There seem to be two answers. The first, highlighted by McKinsey, is the failure of individual companies to adapt to a rapidly changing market structure. The growth of renewables, backed in many cases by subsidies and given protected shares of the market, has not only changed the energy mix but also encouraged distributed production. The old model of large-scale, centralised power stations pumping out electricity to passive consumers is out of date. But the preference for renewables that produce power when the wind blows or the sun shines leaves many utilities with older assets such as gas-fired power plants, which are needed to maintain continuous supply but are running at far less than capacity and quickly become uneconomic.  The utilities have begun to accept, often reluctantly, that they have to identify new ways of working. Some have given up producing power themselves, and simply trade what others produce. Others have switched to managing distributed supplies, while yet more have become suppliers of energy management services. Some, like Centrica, no longer describe themselves as utilities. The sector is in flux and only those most capable of adapting will survive. It is not hard to imagine investors giving up on traditional utilities or to envisage new players that will apply technology, especially around data management, to create entirely different business models.  Just as supermarkets took to selling petrol to draw people into their stores, so could gas or electricity provision attract customers for a wider package of goods and services. The other challenge is the targeting of utilities by governments looking for someone to blame for policy failures — as in the UK. Egged on by politicians, the British tabloids have targeted energy suppliers as examples of corporate greed that milk consumers from a position of quasi monopoly. Never mind that the last major review by the competition authorities focused on tariff structures and the need to make switching between suppliers easier rather than any suggestion of price fixing. Or that utilities have to fund the maintenance of the network and invest in new capacity. Or that governments have added to consumers’ bills the charges from the shift to low carbon energy, which should be covered through general taxation. Beating up the utilities may be a short-term win for politicians but it carries real risks. It is not sustainable for private companies to deliver a return of only 1 per cent over 10 years. Investors expect, and can get, better returns. Why should our pension funds put money into a sector that produces only profit warnings? Private capital will be withdrawn — the fall in valuations of many companies shows that is happening already. Since the job utilities do is essential to the running of a modern economy, without private capital the state will have to take ownership and control of their basic functions. That might satisfy some people on political grounds but it is hard to see how it would improve performance. EDF, for example, is state controlled and is hardly a success story.  The provision of basic services will always be subject to extensive regulation and public policy decisions. Continuity of energy supply is a strategic necessity. If the lights go out, politicians tend to go out too. In many parts of the sector, utilities are natural monopolies and need to be controlled as such. On a whole range of issues, from safety to environmental policy objectives to the protection of poorer customers, they will always be constrained. But there is a world of difference between firm regulation and nationalisation. The challenge is to find a better solution. If we want a rational market in energy supply, there needs to be a new social contract in the sector based on transparency, strong competition and the recognition of the need for a fair rate of return for investors. Destroying trust in utilities may be good politics in an age of populism, but it is not good public policy.

OJO al mercado de bloques de ayer de IBERDROLA:

Hay operaciones a 6.20!!!!   http://www.bolsamadrid.es/docs/Estadisticas/Boletin/BMadrid/Diario/2018/06/18/1_34_0_20180618.PDF

En este caso al estar tan abajo del mínimo del día (pero dentro del +-15% de los bloques parametrizados) hay que entrar con un mínimo de 500.000€.

Buenos días:

Os dejo con un hecho relevante de Iberdrola, S.A. difundido a través de la CNMV:

En el día de ayer, 21 de junio, Iberdrola Finanzas, S.A. (Sociedad Unipersonal) con garantía de Iberdrola, S.A., ha cerrado una emisión de bonos en el euromercado por un importe de 750 millones de euros.

Los Bonos vencen el 28 de octubre de 2026 y tienen un cupón del 1,25% anual, habiéndose fijado el precio de emisión en el 99,055% de su valor nominal.

La emisión ha sido colocada por Banco Sabadell, S.A., HSBC, Morgan Stanley, NatWest Markets, Plc Banco Santander, S.A., SMBC Nikko, UBS Limited y UniCredit Bank AG

Un saludo.

¿Una cosa así es positiva o negativa¿

Buenos días @Eurípides,

La emisión de bonos es un medio para financiarse. Por tanto, la empresa conseguirá liquidez, pero tendrá que pagar intereses a cambio. Si esa financiación se destina a grandes proyectos que pueden ser rentables, es una cosa positiva.

Saludos.

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