Elia Group 1H24 Results, FY24 Net profit outlook increases
Elia Group reported 1H24 Net profit to shareholders of EUR 180.6m vs. our 180.0m expected and 1H24 EPS of 2.47 vs. our estimate of 2.49 (CSS 2.41). The FY24 net profit (Elia Share) outlook range increased from 335-385m to 355-395m vs our expectation of 355m. The BE net profit expectation is revised down slightly (-5m on midpoint) due to an expected OLO (10yr bond) of 3.0% vs. 3.2%. The GE net profit outlook benefits from an expected base rate of 2.79%. We have 2.40% in our model (Bund now at 2.43%). Also the Non-Reg net loss outlook improved by 7.5m. The Capex outlook FY24 is confirmed at 1.4bn for BE and 3.3bn for GE. At the December CMD Elia detailed the ambitious 30.1bn 5-year Capex plan, financed in part by a 4bn capital injection (Elia share) form 2025 onwards. The outlook upgrade should support the share price that has suffered from speculation on timing and size of a capital increase. Analyst call at 10H00.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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