REN : Good start of the year on higher rates of return and Opex remuneration
>Good results with positive progress across the board - Good results with EBITDA of € 132m, +c.10% vs our estimates and +11% y-o-y, driven by assets and Opex remuneration in domestic activities as well as positive international performance (c.5% of EBITDA). The higher Portuguese bond yields continue to support an increase in return on RAB rates (5.3% at Electricity, 5.7% at Gas Transportation and 5.9% at Gas Distribution). RAB stands at € 3,549m (-2% y-o-y) reflecting...Ren Redes Energeticas Nacionais is engaged in two principal lines of business: electricity transmission, where Co. owns and operates Portugal's national high-voltage electricity transmission network (the "RNT"), and natural gas, where Co. is engaged in the reception, storage and regasification of liquefied natural gas ("LNG"), the operation of the national high-pressure gas transmission network, which Co. owns and operates under respective concessions and the underground storage of natural gas. Co.'s electricity transmission business is conducted through its subsidiary REN - Rede Electrica, which holds a 50 year concession to operate the electricity transmission network in Portugal.
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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