REN : Operating results in line, improving value proposition
>Good operating performance, positive surprise at bottom level - REN results were broadly in line with our estimates at the operating level with H1 2023 EBITDA at € 265m (+1.5% above our estimates, +11% y-o-y) driven by domestic business performance (mainly due to the increase in assets and opex remuneration but also supported by other revenues and lower core opex reflecting the decrease in electricity prices) and the positive contribution from its Chilean activities....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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