A director at Admie (IPTO) Holding S.A. sold 15,000 shares at 2.881EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
Outperformer yet still an outlier, trading at a discount to RAB… – Following the WACC uptick to 7.5% in mid-2023, IPTO went on to post a robust FY’23 performance, with EBITDA surging 43% yoy to €278mn while being on track to grow another 20% in FY’24e. ADMIE’s stock has mirrored the strong operating momentum, rallying 30% in 2023, followed by a 19% return in 2024, outperforming both Greek non-fins and its EU peers. Despite this impressive share performance, ADMIE still trades at a 10% discount t...
Outperformer yet still an outlier, trading at a discount to RAB… – Following the WACC uptick to 7.5% in mid-2023, IPTO went on to post a robust FY’23 performance, with EBITDA surging 43% yoy to €278mn while being on track to grow another 20% in FY’24e. ADMIE’s stock has mirrored the strong operating momentum, rallying 30% in 2023, followed by a 19% return in 2024, outperforming both Greek non-fins and its EU peers. Despite this impressive share performance, ADMIE still trades at a 10% discount t...
Regulator raises IPTO’s WACC… – One year after setting IPTO’s WACC for the regulatory period 2022-2025, the Regulator (RAAEY) made a noteworthy decision revising upward the respective return for the period 2023-25 to 7.45%-7.57% (from 6.1% previously). We expect this change to unlock further value for ADMIE Holding and to catalyse further upside following a period of somewhat disappointing performance during 2022. In particular, the enhanced WACC coupled with IPTO's hefty €5bn 10-year investment...
Regulator raises IPTO’s WACC… – One year after setting IPTO’s WACC for the regulatory period 2022-2025, the Regulator (RAAEY) made a noteworthy decision revising upward the respective return for the period 2023-25 to 7.45%-7.57% (from 6.1% previously). We expect this change to unlock further value for ADMIE Holding and to catalyse further upside following a period of somewhat disappointing performance during 2022. In particular, the enhanced WACC coupled with IPTO's hefty €5bn 10-year investment...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
Regulated activity with ample growth prospects… – Through its 51% stake in IPTO, a natural monopoly that owns and operates the Greek Transmission System, ADMIE Holding is expected to play a key role in the Greek energy transition. The Greek regulator RAE has approved a c€5bn 10-year investment plan for IPTO, which translates into 13% RAB CAGR over 2022-2030e (and 16% through to 2025e), by far the highest RAB growth profile among its EU peers (c5% in the medium term). … and visibility around re...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
IPTO HOLDING (GR), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date August 20, 2021, the closing price was EUR 2.56 and its po...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Reboot, restore, rerate – Greek stocks suffered a 12% drop in 2020, weighed down by risk-off in the aftermath of the COVID-19 outbreak and the resulting lockdown measures. Although the ASE index has bounced back markedly from its March 2020 trough on positive vaccine news in Q4’20, it remains c14% below its 2020 high. Looking ahead, the short-term outlook is clouded by the uncertainty regarding the duration of restrictions in economic activity but we believe that the roll-out of vaccines reduces...
We initiate coverage of ADMIE Holding with a ‘Buy’ recommendation and a €3.3 PT, while adding the stock in our top picks list. In our note, we deep dive into ADMIE Holding, owner of 51% of IPTO, Greece’s electricity transmission network operator. Facilitated by an underleveraged balance sheet (1.5x 2020e Net Debt/EBITDA, vs. >5x gearing for other European regulated utilities), IPTO has committed to an ambitious €5.0bn network development plan over the next decade. This will drive double-digit ...
ADMIE Holding reported 9M19 results, with net income up 12% y-o-y, and said that IPTO’s 2019 development capex plan is being implemented in a timely manner. We believe the stock continues to trade at an excessive discount to peers and to the implied regulated asset base (RAB) value. Such a discount would only be justified if allowed regulatory returns were significantly below the actual cost of capital, which we believe is not the case. Our valuation of ADMIE Holding is broadly unchanged at â‚...
ADMIE Holding offers an attractive opportunity to gain exposure to the strong growth of Greek electricity transmission grid company, IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. Despite the recent share price rise and supportive H1 results (adjusted net income up 9% y-o-y), ADMIE Holding is trading at a large discount to European regulated utilities peers and to its regulated asset base (RAB).
ADMIE Holding started FY19 with a strong Q1 (IPTO’s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts (FY19e adjusted net income +5%). Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).
ADMIE Holding started FY19 with a good Q1 (IPTO’s EBITDA +19% y-o-y), driven by strong revenue growth (+14%) and broadly stable costs. Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).
Edison Investment Research Limited Edison initiates coverage on ADMIE Holding (ADMIE) 07-May-2019 / 10:21 GMT/BST London, UK, 7 May 2019 Edison initiates coverage on ADMIE Holding (ADMIE) ADMIE Holding offers exposure to growth in the Greek electricity transmission grid IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. IPTO's underleveraged balance sheet (0.9x adjusted net debt/EBITDA at the end of 2018) sustains a c EUR4bn investment plan, which we estimate will result in a regulated asset base (RAB) CAGR of 11% in 2018-27. Althou...
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