Edison Investment Research - IPTO Holding S.A. (ADMIE) ADMIE Holding - Valuation attractive despite recent share price rise

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Edison Investment Research

ADMIE Holding - Valuation attractive despite recent share price rise

ADMIE Holding offers an attractive opportunity to gain exposure to the strong growth of Greek electricity transmission grid company, IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. Despite the recent share price rise and supportive H1 results (adjusted net income up 9% y-o-y), ADMIE Holding is trading at a large discount to European regulated utilities peers and to its regulated asset base (RAB).

04/11/2019 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 attractive despite recent share price rise

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

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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