Shareholder Value Creation of Utilities in Spain: 1991-2006
University of Navarra - IESE Business School
Jose Maria Carabias
London School of Economics
February 16, 2007
We compute the Shareholder Value Creation of Endesa, Iberdrola and Union Fenosa between 1991 and 2006. The shareholder value creation during this period was: Endesa 29.9 billion euros; Iberdrola 23.9; and Union Fenosa 9.6.
The average shareholder return was: Endesa 18.5%; Iberdrola 19.1% and Union Fenosa 21.6%, all higher than that of the IBEX 35 (15.4%).
Note: This paper is in Spanish.
Number of Pages in PDF File: 47
Keywords: Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation
JEL Classification: G12, G31, M21
Date posted: February 17, 2007
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