Focusing on the big picture usually means we are not able to assess the small one, i.e. short/mid term financials. Indeed, this is the case with the grid operator (51% owned by listed ADMIE Holdings). RAB of E2.6bn in 2024, increases to E3.5bn by 2026 with Ariadne (Athens-Crete) and Cyclades D and to E6.2bn by…
This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.
The grid operator (51% owned by listed ADMIE Holdings) reported another strong set of results with Q3 revenues/EBITDA/net income at E131m/E95m/E46m up by +28%/+26%/+38% yoy. Driven by electricity demand (+5% yoy), higher TUoS charges (+10%) and interconnection (+61% yoy). Major projects capex (Cyclades D, Crete) remains on track. While on the Cyprus interconnection there has…
The Greek TSO (51% owned by listed ADMIE Holdings) reported strong Q2 results reflecting higher electricity demand, and much higher interconnection revenues. Revenues/EBITDA/net income grew by +22%/+24%/+30% yoy. Capex at E143m from E127m in Q1. Operating cash flow and subsidies pushed net debt E60m lower qoq at E837m (2.5x annual.)…
What’s new? ADMIE Holdings shares are re-rating (+41% YTD vs +44% for the Athens Index) on higher WACC/RoRAB expectations for IPTO, its 51% sole investment. And rightly so. If the regulator increases IPTO’s 2023-2025 RoRAB (WACC) by +100bps to 7.1%, ADMIE Holdings dividend yield rises to 6.6%. But not sooner than 2025, when total RAB…