Elia Group : High voltage growth path back on track
Seeing that the construction of the Belgian energy island is now progressing well, that the new CEO is acting stricter on cost control, that the demand for new bonds of Elia Transmission Belgium and 50Hertz has remained high at attractive yields, that the German regulator is expected to improve the regulatory rates framework for the next regulatory period, and that the investment fits perfectly in Europe’s ambitions to become less dependent on Russia, we today reiterate our Outperform recommendation and lift our 12 months TP to € 125.Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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