Red Electrica's dividend growth is set to slow from 2020 due to a cut in regulated returns.
Red Electrica published full-year results in line with our expectations. EBITDA increased by 2.3% to EUR 1,519.5 million versus EUR 1,531 million on our estimates, while net income grew 4.8% to EUR 670 million, 2.4% above our EUR 654 million estimate. The full-year dividend is set at EUR 0.9188, 7% above the figure last year, in line with the annual growth rate targeted by the group through 2019. That implies a dividend yield of 5.7%, well above the 4% historical average, reflecting increasing r...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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