EDP

Based in Lisbon, EDP is widely regarded as one of Portugal's flagship utilities operators. Its scale — about 13k people, around $24B in turnover — translates into genuine strategic weight across Europe.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“EDP is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Governance upgrades and a more transparent disclosure cadence are gradually narrowing the historical valuation gap with global peers.