Redeia Corporacion SA

RED: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€91.90	Vpgb	Vmcyswsy

Redeia Earnings: Hit by Pre-1998 Assets; 2024 Guidance Confirmed; Shares Cheap

Tancrede Fulop

May 1, 2024

We confirm our EUR 16.50 fair value estimate after no-moat Redeia released first-quarter results, which were hit by the end of the remuneration of transmission assets commissioned before 1998, as expected. Guidance for 2024 was confirmed. Shares look undervalued.

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