ADMIE Holding started FY19 with a strong Q1 (IPTO’s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts (FY19e adjusted net income +5%). Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).
10 Jun 2019
ADMIE Holding - Valuation remains attractive after strong Q1
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ADMIE Holding - Valuation remains attractive after strong Q1
ADMIE Holding started FY19 with a strong Q1 (IPTO’s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts (FY19e adjusted net income +5%). Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).