Edison Investment Research - IPTO Holding S.A. (ADMIE) ADMIE Holding - Yield with growth

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Edison Investment Research

ADMIE Holding - Yield with growth

ADMIE Holding reported 9M19 results, with net income up 12% y-o-y, and said that IPTOâ€™s 2019 development capex plan is being implemented in a timely manner. We believe the stock continues to trade at an excessive discount to peers and to the implied regulated asset base (RAB) value. Such a discount would only be justified if allowed regulatory returns were significantly below the actual cost of capital, which we believe is not the case. Our valuation of ADMIE Holding is broadly unchanged at â‚¬2.89/share and is roughly in line with the RAB value implied by IPTO.

11/12/2019 8 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 - Yield with growth

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

Norcros - Sale of Johnson Tiles UK agreed

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Freelancer - AI to drive return to growth

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