Red Electrica is fully exposed to an upcopming cut in Spanish regulatory returns
We reiterate our fair value estimate of EUR 16.70 per share for Red Electrica, along with our narrow moat and stable moat trend ratings, after the group reported first-quarter results in line with consensus expectations. Shares look fairly valued.EBITDA grew modestly by 0.4% to EUR 402 million versus our 1.4% growth assumption for the full year. This is due to flattish revenue, which was dented by a negative exchange-rate effect and by some nonrecurring items like an insurance indemnity. Supply...
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
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