Red Electrica Keeps Its Growth Machine Humming, Approaching Fair Value
We are reaffirming our EUR 18 per share fair value estimate, narrow moat and stable moat trend rating after Red Electrica announced earning EUR 471.3 million, up 5% from the first nine months of 2015.Our forecast for 2016 EBITDA is EUR 1.5 billion, though Red is on pace to beat that projection with EUR 1.11 billion booked through the first nine months, up 2.3% from the same period last year. We are maintaining our long-term 2% annual EBITDA growth outlook as Red's investment growth rate slows. ...
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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