Elia Group Results 1H24 review, inline despite headwinds
The 1H24 results came in line with our estimates. The slight increase of the outlook range came against a background of headwinds in the form of some destructive storms. Ironically, Elia is part of the solution to fight climate change. In the conference call, the CEO stressed the need to connect more offshore wind energy and increase cross-border interconnectors. A new CEO will be announced after the summer. Despite the heavily backloaded Capex spend, Elia is confident it can access debt markets without compromising its debt ratings. We update our financial model as we adjust to the new tariff calculations. We slightly cut our FY25 estimates as the GE ROE is calculated from a base rate of 2.79%, while the average bund is below 2.40% and we do not expect a steep rise of interest rates. We maintain our rating and TP.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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