Shareholder Value Creation of Utilities in Spain: 1991-2006

Fernandez, Pablo; Carabias, Jose M.

doi:10.2139/ssrn.963595

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Shareholder Value Creation of Utilities in Spain: 1991-2006

47 Pages Posted: 17 Feb 2007

See all articles by Pablo Fernandez

Jose M. Carabias

London School of Economics

Date Written: February 16, 2007

Abstract

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.

Keywords: Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

JEL Classification: G12, G31, M21

Suggested Citation: Suggested Citation

Fernandez, Pablo and Carabias, Jose M., Shareholder Value Creation of Utilities in Spain: 1991-2006 (February 16, 2007). Available at SSRN: https://ssrn.com/abstract=963595 or http://dx.doi.org/10.2139/ssrn.963595