Renta 4 | The factors that led Fitch to downgrade Redeia’s credit rating from A- to BBB+ focus on the increased investment that the company plans to make in the coming years as a result of its ambitious strategic plan, which will lead to a temporary deterioration in the company’s credit ratios while it is being implemented. Conclusion: Despite the downgrade, Fitch maintains a stable outlook and views Redeia’s regulated…

Bankinter | Key figures compared with consensus: EBITDA €1.258 billion (up 4%) versus an estimate of €1.259 billion; net banking income €506 million (up 0.1%) versus an estimate of €503 million; FFO €1.035 billion (down 12.9%); Net debt €5.474 billion compared to €5.370 billion in December 2024. Bankinter analysis team’s view: Results in line. Positive factors in results: (i) Greater contribution from regulated electricity transmission activity (EBITDA up 4%) with…

Renta 4 | The National Commission on Markets and Competition (CNMC) has presented a proposal for a new methodology to calculate the Financial Remuneration Rate for electricity transmission activities. Although the proposed 6.58% for the 2026-2031 period is an improvement on the previous rate of 5.58%, it is below the 7-8% requested by companies. Although it is in line with our estimate (6.55%), Redeia’s ability to improve profitability through operational…

Renta 4 | Approaching interesting tactical levels, formed by the lows of January this year, which converge at €15.10 with the upward trend line from the lows of 2020. The chart below shows the reactions over the last ten years to exceeded readings in the weekly indicators, resulting in significant rebounds after a few months. We would place protective stops below €14.75, giving some margin to the aforementioned support zone.

Renta 4 | Revenue is slightly up in line with our forecast due to higher revenue from transport activity due to the application of the TRF published in the draft and new commissioning, which are partially offset by lower unit values and the amortisation of RAB, as well as good performance in Peru and Chile offset by the exchange rate in Brazil, while turnover continues to decline in Reintel due…

Deutsche Bank | Redeia will publish its first quarter results on 29 October. Excluding Hispasat, we see moderate growth in EBITDA and net profit, with EBITDA up 3% year-on-year to €951 million (€923 million last year) and net profit up 1% to €392 million (€389 million last year). We note that, given the way Redeia presents its results, eliminating the two-year lag, this already reflects an expected increase in the…