Leading the energy transition - proactive portfolio management

This Master Thesis takes the form of an Equity Research report EDP, being the end goal to develop a recommendation to investors. It is relevant to underline that this report is inserted in a two parts report. In this part, it was made an assessment regarding the feasibility of the €24Bn Capex EDP’s growth plan. Moreover, the highlights include an analysis of the Networks and Clients Solutions and Energy Management segments. To get to a price target, it was used a SOTP method with the businesses valued on a DCF basis. Our valuation for EDP yields a price of €6.44 for FY21, which reflects an upside potential of 42%, compared to the current market price and consequently a BUY recommendation