Review of Spanish utilities before 1Q25 results presented
Morgan Stanley | Rob Pulleyn reviews his sector coverage as a preview of results, with expectations of continued outperformance over Europe (up 14% YTD and 21% from lows). However, the market maintains an underweight position on the sector and the valuation is still at a discount of -10% in PE versus a long-term premium of 1-2%. Rob maintains his preference for large cap integrated and regulated companies, offering the greatest…