Elia Group : Valuation starts to make sense again
>Clarity needed on new shareholder structure - Since we initiated coverage on Elia Group with an Underperform recommendation mid-January, the stock has underperformed the market by more than 20%. One of the key points in our investment case are our doubts on the viability of the current shareholder structure. It in our view is not rational for local Belgian governmental entities, controlling 48% of shares, to strongly further invest in grid expansions in Eastern Germa...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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