Redeia Corporacion SA

RED: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€85.20	Shzll	Ppzhhgvg

Redeia Earnings: 2024 Guidance Set in Line With Expectations; Shares Undervalued

Tancrede Fulop

Feb 28, 2024

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. The group will pay a EUR 1 dividend on 2023 results, in line with last year and implying a 6.8% yield. The dividend floor of EUR 0.8 over 2024-25 is reiterated. It involves a 5.4% yield, reflecting the undervaluation of the shares.

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