ELIA - Charged the battery... But mind the range
Last Friday, Elia Group successfully completed its capital increase of € 591m through a rights issue. 88.64% of the rights were exercised, the other 11.36% was placed through a private placement. Following the increased equity, we reviewed our ROE estimates and had a look on Elia Group's balance sheet structure going forward. As a result of the significant capex uptake, we believe Elia Group will need to tap in to the equity markets faster than one would expect. This is without considering any inorganic growth. We rate the stock HOLD and set our TP at € 129.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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