Financials Redeia Corporacion S.A.

Equities

RED

ES0173093024

Electric Utilities

Market Closed - BME Other stock markets 11:35:26 2024-04-26 am EDT			5-day change	1st Jan Change
15.57 ^EUR	-0.45%		-2.32%	+4.43%

Mar. 06	Spain's Indra sees revenue, profit soaring on European defence spending	RE
Feb. 28	Redeia Corporación, S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,676	9,037	10,254	8,769	8,045	8,407	-	-
Enterprise Value (EV) ¹	15,701	15,162	15,942	13,434	13,021	14,517	15,030	15,304
P/E ratio	13.5 x	14.6 x	15.1 x	13.2 x	11.6 x	16.9 x	16.4 x	14.1 x
Yield	5.87%	5.96%	5.26%	6.15%	6.71%	5.28%	5.28%	5.48%
Capitalization / Revenue	4.82 x	4.55 x	5.25 x	4.35 x	3.9 x	4.39 x	4.24 x	3.96 x
EV / Revenue	7.82 x	7.64 x	8.16 x	6.67 x	6.31 x	7.58 x	7.59 x	7.21 x
EV / EBITDA	9.92 x	9.67 x	10.6 x	9.01 x	8.64 x	10.8 x	10.7 x	9.86 x
EV / FCF	29.9 x	18.2 x	15.2 x	13 x	28 x	-69.6 x	1,763 x	933 x
FCF Yield	3.35%	5.51%	6.58%	7.67%	3.57%	-1.44%	0.06%	0.11%
Price to Book	2.75 x	2.63 x	2.82 x	1.83 x	1.49 x	1.6 x	1.58 x	1.56 x
Nbr of stocks (in thousands)	539,793	538,721	538,995	539,277	539,580	539,968	-	-
Reference price ²	17.92	16.78	19.02	16.26	14.91	15.57	15.57	15.57
Announcement Date	2/26/20	2/24/21	2/23/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,007	1,986	1,953	2,015	2,064	1,915	1,981	2,122
EBITDA ¹	1,582	1,568	1,499	1,491	1,508	1,343	1,406	1,552
EBIT ¹	1,081	929	992	961.6	989.7	804	849.2	972.3
Operating Margin	53.87%	46.78%	50.79%	47.72%	47.95%	41.98%	42.87%	45.83%
Earnings before Tax (EBT) ¹	948.7	806	888.1	869.5	910.1	683.6	702.9	825.2
Net income ¹	718	621.2	680.6	664.7	689.6	499.1	515.3	599.5
Net margin	35.77%	31.28%	34.85%	32.99%	33.41%	26.06%	26.02%	28.25%
EPS ²	1.330	1.150	1.260	1.230	1.280	0.9214	0.9501	1.103
Free Cash Flow ¹	525.9	835.1	1,049	1,031	464.3	-208.5	8.525	16.4
FCF margin	26.2%	42.05%	53.73%	51.15%	22.5%	-10.89%	0.43%	0.77%
FCF Conversion (EBITDA)	33.23%	53.24%	70.02%	69.11%	30.8%	-	0.61%	1.06%
FCF Conversion (Net income)	73.24%	134.44%	154.16%	155.05%	67.33%	-	1.65%	2.74%
Dividend per Share ²	1.052	1.000	1.000	1.000	1.000	0.8228	0.8224	0.8531
Announcement Date	2/26/20	2/24/21	2/23/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	977.9	975.9	489.7	487.4	500.5	502.7	1,003	519.8	492	537.2	491.9	-	568.7	515.7	476.2	496	503	499.3	-
EBITDA ¹	766.2	771.3	386.9	340.5	395.4	389.2	784.6	397.7	308.9	401.8	387.5	789.3	393.8	324.7	339.8	334.2	342.2	285.5	-
EBIT ¹	509.3	527.5	264.3	200.1	265.3	258.8	524.1	263.9	173.5	271.6	256	527.6	262.5	199.6	207.4	203.8	209	158.9	-
Operating Margin	52.08%	54.06%	53.97%	41.06%	53%	51.48%	52.24%	50.77%	35.27%	50.56%	52.05%	-	46.15%	38.7%	43.56%	41.09%	41.54%	31.82%	-
Earnings before Tax (EBT) ¹	439.7	477.9	235.4	174.8	241.8	237.9	479.7	238.4	151.4	247.2	240.9	488.1	237.2	-	177.5	-	-	-	-
Net income ¹	331.7	358.2	192.6	129.8	182.1	180.9	363	188.4	113.3	180.4	173.9	354.3	181	154.3	132.9	131.4	132.3	99.51	-
Net margin	33.92%	36.7%	39.34%	26.64%	36.38%	35.99%	36.19%	36.25%	23.02%	33.58%	35.36%	-	31.83%	29.93%	27.92%	26.49%	26.31%	19.93%	-
EPS ²	-	-	0.3600	0.2400	0.3400	0.3300	0.6700	0.3500	0.2100	-	-	-	-	-	0.2633	0.2569	0.2640	0.1975	-
Dividend per Share ²	-	-	0.2727	0.7273	0.2700	0.2727	-	-	-	0.2727	-	-	-	0.7273	0.2375	0.2375	0.2375	0.2375	0.2250
Announcement Date	7/29/20	7/28/21	10/27/21	2/23/22	4/27/22	7/27/22	7/27/22	10/26/22	2/28/23	4/26/23	7/26/23	7/26/23	10/31/23	2/28/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,026	6,125	5,688	4,666	4,975	6,110	6,623	6,897
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.808 x	3.905 x	3.795 x	3.129 x	3.3 x	4.551 x	4.711 x	4.444 x
Free Cash Flow ¹	526	835	1,049	1,031	464	-208	8.53	16.4
ROE (net income / shareholders' equity)	20.9%	17.9%	19.3%	15.8%	13.5%	9.47%	9.69%	10.8%
ROA (Net income/ Total Assets)	6%	4.87%	5.07%	4.62%	4.71%	3.55%	3.45%	3.74%
Assets ¹	11,962	12,750	13,414	14,383	14,633	14,059	14,954	16,042
Book Value Per Share ²	6.520	6.370	6.740	8.880	10.00	9.720	9.830	9.950
Cash Flow per Share ²	1.940	2.560	2.970	2.900	0.9100	1.760	2.040	2.300
Capex ¹	519	545	556	536	956	1,091	1,139	1,085
Capex / Sales	25.87%	27.46%	28.46%	26.61%	46.33%	56.97%	57.49%	51.12%
Announcement Date	2/26/20	2/24/21	2/23/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Redeia Corporacion S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.57 EUR

Average target price

17.29 EUR

Spread / Average Target

+11.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
REDEIA CORPORACION S.A.	+4.43%	8.98B
NEXTERA ENERGY	+8.64%	136B
SOUTHERN COMPANY	+4.41%	80.06B
IBERDROLA, S.A.	-2.19%	77.98B
DUKE ENERGY CORPORATION	+0.69%	75.38B
ENEL S.P.A.	-8.92%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.15%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+4.97%	44.9B
DOMINION ENERGY, INC.	+7.34%	42.26B
GE VERNOVA INC.	0.00%	41.94B

Other Electric Utilities