Elia - ROE at the high end but net debt soared as well
Elia's FY results were broadly in line with expectations whereby the ROE's were at the high-end of the guided range. Net debt level was higher than expected and also the 2024 guidance level of EUR 13bn is well aboveDuring the analyst call, the EUR 4.0-4.5bn equity raisings as from 2025 to fund its massive EUR 30.1bn capex plan (2024-2028) were reaffirmedOutlook 2024 provided at its recent CMD was confirmed as wellWe will update our estimates following these results. Meanwhile, we stick to our Hold rating and TP of EUR 141.Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
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