Shareholder Value Creation of Utilities in Spain: 1991-2007 (in Spanish)
University of Navarra - IESE Business School
Vicente J. Bermejo-Boixareu
Universidad Carlos III
March 14, 2008
We compute the Shareholder Value Creation of Endesa, Iberdrola and Union Fenosa between 1991 and 2007. The shareholder value creation during this period was: Endesa 31.2 billion euros; Iberdrola 32.0; and Union Fenosa 12.5.
The average shareholder return was: Endesa 17.6%; Iberdrola 19.7% and Union Fenosa 21.8%, all higher than that of the IBEX 35 (15.1%).
Note: Downloadable document is in Spanish.
Number of Pages in PDF File: 42
Keywords: Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation
JEL Classification: G12, G31, M21working papers series
Date posted: March 17, 2008
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