Edison Investment Research - IPTO Holding S.A. (ADMIE) ADMIE Holding - FY19 off to a strong start

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Edison Investment Research

ADMIE Holding - FY19 off to a strong start

ADMIE Holding started FY19 with a good Q1 (IPTOâ€™s EBITDA +19% y-o-y), driven by strong revenue growth (+14%) and broadly stable costs. Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).

06/06/2019 2 EN

Underlying

IPTO Holding S.A.

Holding Company ADMIE IPTO SA is a Greece-based company engaged in the electric utilities sector. The Company, through Power Transmission Operator SA, operates as a Transmission System Operator for the Hellenic Electricity Transmission System (Transmission System). The Company holds a concession for the Transmission System operation, maintenance and development. Its Transmission System mainly transmits electricity from Western Macedonia and consists of overhead, submarine and underground transmission lines.

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GRS518003009 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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ADMIE Holding - FY19 off to a strong start

ADMIE Holding | WACC step-up unlocks further value

ADMIE Holding | WACC step-up unlocks further value

Greek Equity Strategy – 2023 outlook | Clear and rewarding destination, uneven journey

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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