Analyst Note
| Tancrede Fulop, CFA |We maintain our EUR 10.60 fair value estimate after no-moat Iberdrola released solid first-half results and confirmed its 2022 guidance. This good set of results reflects the favorable positioning of the business mix against high inflation. However, this enviable feature is shared by most other European diversified utilities including Enel and Engie, which are more undervalued than Iberdrola.