We are upgrading our recommendation on REN to Outperform after the recent positive developments regarding the proposed remuneration for the next regulatory period in Electricity Transmission (6.43% effective rate of return vs current 5.5%) and the removal of the Special Tax on natural gas (€ 10m annual impact) and other favourable tax effects, which will materially improve REN’s normalised cash conversion rate (from 20% of EBITDA to c.40%). We raise our TP to € 3.8 (+40%: DCF, 9.7x implied EV/ E...
The fifth ODDO BHF Iberian Forum was held virtually, gathering 62 Iberian issuers and close to 200 institutional investors, making it one of the largest dedicated Iberian conferences of the year. The event generated 47 feedbacks, 6 target price revisions (including 4 downgrades), and a rating downgrade for Ence. The main topics of discussion were the impact of US tariffs and a weak USD on industrial companies, concerns about final demand in Europe and the US, and the sustainability of Spain’s ec...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.