Bankinter : Main figures compared to estimates: EBITDA €13,228M (+10%) vs €12,939 est;. EBIT €7,984M (+9%) vs. €7,780M est; BNA €4,339M (+11.7%) vs. €4,193M est; Funds Generated by Operations (FFO) €11,123M (+24.8%); Net Debt €43,749M vs. €39,119M in December 2021. Dividend per share against 2022 results stands at €0.49/share, after proposing a final dividend of €0.31/share to be paid in July.
Good results helped by the positive performance of the networks division, new renewables capacity and the favourable impact of exchange rates.
The guidance for 2023 is also favourable. The management team anticipates a growth of +8% to +10% before the extraordinary energy tax. If this tax is included, growth in NAV in 2023 would be around +5% (mid-single digit).
Its positioning in renewables and grids, geographic diversification and solid financial structure allow it to capture the opportunities in the new energy transition scenario. Iberdrola also maintains its focus on shareholder remuneration, with EPS growth of more than 5% in the period 2023-25. The dividend yield is 4.5% at current prices.
