Redeia Corporacion SA

RED: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€18.20	Wlml	Hyjrcvvzd

Redeia Only Just Misses Expectations; Shares Fairly Valued

Tancrede Fulop

Feb 28, 2023

We are currently maintaining our fair value estimate of EUR 16.50 for no-moat Redeia as we roll our model to incorporate fiscal full-year results. Redeia slightly missed PitchBook’s EBITDA median consensus of EUR 1,510 million for fiscal 2022 by ending the year with EUR 1,491 million. This was also a small decrease of 0.5% versus fiscal 2021 as the tariff orders reduced EBITDA by EUR 35 million in 2022.

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