ELIA GROUP - Don’t think it's over ELI BB
In the shadow of growing climate ambitions and the continued rise in large-scale renewable energy projects, Elia Group is preparing for what is set to become the ultimate apotheosis of their investment history. Recent announcements around the – quiet but steady – progress in several projects urged us to review our estimated project pipeline and, consequently, longer term capex estimates. The uptick in the 2021-2025 investment plan is only the start. Complemented with its outspoken ambition to grow inorganically, Elia Group is able to combine predictability in earnings with an interesting growth angle. As a result of our estimates raise, we increase our TP to €131 and rate the stock ‘BUY’.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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