Red Electrica continues to increase earnings and dividends faster than other European utilities.
Red Electrica published nine-month results in line with our expectations for the full year, and also in line with the trend for the first half. EBITDA increased 2.1% to EUR 1,137 million. Net income grew 5.1% to EUR 496 million, strictly in line with the first half. The group also disclosed the amount of the interim dividend to be paid in January 2018. It implies 7% growth, in line with the annual growth targeted by the group through 2019. We reiterate our fair value estimate of EUR 17.80 per sh...
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