REN : Strong operating performance not reflected in cash flow generation
>Strong results on higher opex revenues and lower core expenses - Strong results, slightly above our estimates at the operating level with 9M EBITDA growing by +10% on good performance at the Gas Transportation activities (EBITDA 9M 2023 +20%) on higher opex revenues and lower external supplies and a sound contribution from electricity (+4.8%) on higher assets and opex remuneration and lower core opex (due to lower electricity prices) expenses. Electricity accounted f...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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