Red Electrica's 2016 Earnings and Dividend Growth In Line With Expectations
We are reaffirming our EUR 18 per share fair value estimate, narrow moat and stable moat trend ratings after Red Electrica announced earning EUR 636.9 million in 2016, up 5% from 2015. EBITDA was EUR 1.49 billion, in line with our estimate. Red Electrica continues to display one of the most stable businesses in the utilities sector.We are maintaining our long-term 2% annual EBITDA growth outlook as Red's investment growth rate slows. Grid investments in Spain are slowing, and tepid demand obvia...
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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