Edison Investment Research - IPTO Holding S.A. (ADMIE) ADMIE Holding - Valuation remains attractive after strong Q1

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Edison Investment Research

ADMIE Holding - Valuation remains attractive after strong Q1

ADMIE Holding started FY19 with a strong Q1 (IPTOâ€™s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts (FY19e adjusted net income +5%). 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).

10/06/2019 6 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

Provider

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 - Valuation remains attractive after strong Q1

ADMIE Holding | Empowering the Greek Energy Transition

ADMIE Holding | Empowering the Greek Energy Transition

ADMIE Holding | WACC step-up unlocks further value

Topps Tiles - Accelerating growth through Q125

Baillie Gifford US Growth Trust - A unique high-growth strategy meriting support

Greggs - More challenging environment in H224

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