IPTO remains an attractive investment case to be exploited through its listed owner ADMIE Holdings. RAB expansion (+70% by 2024E vs 2019) and EBIT visibility are offered at a discount to peers. Capex is the single most important number to follow but we reckon the following points are equally important: 1/) the pandemic-related drop in electricity demand, affecting system rent revenues and 2) the fixed assets revaluation, inflating depreciation above regulated remuneration…

The safe approach is to do the following: a)…

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

Forecast changes: we raise our…

Conclusion: we reiterate our…