Rankings Utilities & power Redeia
Redeia
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- FCF yield−4
- ROIC−3
- Quality of growth−3
Strengths
- Regulated monopoly+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 15.42 EUR
- Median analyst target
- 16.60 EUR
- Upside to median
- +7.7%
- Analysts
- 22
- Target range
- 13.50 – 19.40 EUR
- 52-week change
- −2%
- P/E (trailing)
- 16.4
- Forward P/E
- 16.0
- PEG
- 4.48
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−6 of −30
- −3ROICROIC 3.4% vs a WACC of 4.5% – below the cost of capital – and ROCE has fallen from 8.5% (2021) to 4.7% TTM, ROE from 19.1% to 9.9%.
- −3Quality of growthNet income has fallen from €681m (2021) to €483m TTM, the dividend was cut from €1.00 to €0.80 in 2024, and net income rose only 4% in H1 2026 (EBITDA +5.8%); analysts expect 3.4% annual EPS growth.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −2Multiples vs own history and peersForward P/E 15.7 vs 13.3–17.3 in 2021–2025 (mid-range), EV/EBITDA 11.4 vs 9.4–13.9 and P/B 1.39 vs 1.46–2.78 (below its own history). In line with Terna (forward P/E 16.5), but more expensive than Snam (12.9) with low EPS growth.
- −4FCF yieldNegative FCF three years in a row (−€545m TTM, about −6.8% of the €8.1bn market value), and analysts expect FCF of −€362m in 2026, as investments rise to about €1.5bn a year.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−6 of −35
- −3The power outage (sanctions case)The CNMC has opened a sanctions case against Red Eléctrica for an alleged very serious violation as system operator in connection with the power outage of 28/4-2025; Redeia contests the case and has not made any provision for possible financial consequences.
- −3Debt and distributionsDividend of €461m TTM is paid while FCF is −€545m; dividend payout 89% of net profit, net debt/EBITDA 4.6x, debt/EBITDA 5.5x and interest cover 5.0x. The gap is covered with hybrid bonds (€500m in April 2026).
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Regulated monopolyThe CNMC raised the return on power grids to 6.58% for 2026–2031 (from 5.58%), and Red Eléctrica's regulated remuneration rises 12.1% to EUR 1.18bn in 2026; investment in the transmission grid rose 11.8% in H1, including the links to France and Portugal.
Caveats
What the score does not capture, or where the data is weak.
Redeia (formerly Red Eléctrica) is the regulated Spanish transmission monopoly and system operator, so negative FCF in an investment phase is partly structural. Stockanalysis' 'Issuance of Common Stock' (1.8 bn € TTM) is hybrid bonds (incl. 500 m € in April 2026), not equity issuance – the share count is unchanged (+0.06%), so no deduction for dilution has been given. Net income in 2024 was weighed down by the write-down/sale of the satellite company Hispasat, so the EPS growth in 2025 (+32%) is a base effect. According to Spanish media, CNMC's sanction case could result in a fine of 6–60 m € (the amount is not verified in the source used); compensation claims from the 28/4-2025 power outage and state ownership (SEPI 20%) have not been examined further. Credit rating and insider trading have not been investigated.
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