Elia Group Very good set of results, FY2022 estimates maintained
Elia Group published a good set of result, with mainly Germany and Nemo Link outperforming our estimates. An increase in 2022 German capex guidance is reassuring as project execution does not suffer from supply chain issues. Nemo Link had another good 1H, but might be reaching the cap soon. Despite the strong results, we will not significantly change our estimates as we believe 1H22 had several non-recurring elements.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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