Red Electrica Reports 9M Results in Line With Our Estimates; Shares Look Slightly Overvalued
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...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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