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We started covering Iberdrola (OTCPK:IBDSF)(OTCPK:IBDRY) by saying we estimated that it was trading at a ~20% discount to fair value. So far, the market appears to agree with us, with shares already up ~15% since then, despite the S&P 500 being basically unchanged.

EPS Discounted @ 10%
FY 23E 0.76 0.69
FY 24E 0.82 0.63
FY 25E 0.89 0.62
FY 26E 0.96 0.61
FY 27E 1.03 0.59
FY 28E 1.12 0.58
FY 29E 1.21 0.57
FY 30E 1.30 0.56
FY 31E 1.41 0.55
FY 32E 1.52 0.54
FY 33E 1.64 0.53
Terminal Value @ 3% terminal growth 23.44 7.47
NPV $13.95

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