Shareholder Value Creation of Utilities in Spain: 1991-2006
University of Navarra - IESE Business School
Jose Maria Carabias
London Business School; University of Navarra - IESE Business School
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, M21working papers series
Date posted: February 17, 2007
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