ADMIE Holding offers exposure to growth in the Greek electricity transmission grid IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. IPTO's underleveraged balance sheet (0.9x adjusted net debt/EBITDA at the end of 2018) sustains a c €4bn investment plan, which we estimate will result in a regulated asset base (RAB) CAGR of 11% in 2018-27. Although we believe the regulatory allowed rate of return is set at a level in line with cost of capital and the company has strong growth potential, ADMIE Holding's current share price implies a c 40% discount to 2019 equity RAB (including work in progress) and a more than 20% discount to EU regulated utilities' P/E multiples.Den vollständigen Artikel lesen ...