Spain has recovered normality after the blackout suffered on Monday, but The questions are still open. It is not yet clear what the event caused and, in the business field, All looks point to a key name: Redeiagreat protagonist of the week. There are many doubts that loom about the company after what happened. Proof of this is Blackrock's participation reductionthe biggest manager in the world, in the company. This Friday, the Fund Manager cut its position in the Spanish Electric Red Operator from 5.02% to 4.992%, turning through Amancio Ortegathe founder of Inditex, in the second largest shareholder only behind the State, which holds 20% through the SEPI. And it is that Redeia It has been falling progressively In recent days, despite closing with increases the day of the blackout. Of course, on a day with a much lower activity and a very small negotiation volume: that day half of titles were negotiated that on Tuesday and three times less than Wednesday. Since then, the action has been bleeding slowly.
This, although the company has announced that it delivered «All the requested data» To clarify the causes of the blackout and that its president, Beatriz Corredor, ensure that this incident «will not happen again.» But it does not seem that the market will finish it.
Mixed opinions
In this context, their company has served the company Good results of the first quarter of the year that announced Wednesday at the closing. And is that The benefits of the Spanish firm increased 4.2%, to 137.8 million euros, between January and March. In this period, EBITDA also increased, as well as the income of a good part of its business lines. However, they were not enough to alleviate the Reputational crisis of value.
Therefore, rental analysts 4 bank recommend 'infrapander' Redeia, to which they grant an objective price of 18.4 euros. Despite this negative assessment, the rental price 4 is above the last closing price. For these experts, the main reason for concern is the investigation that is being carried out as a result of the blackout. «We do not rule out that they could have some kind of direct consequence on the company depending on the result»they say. In this sense, the newspaper 'Expansion' published in the middle of the week that The great Spanish electricity – Iiberdrola, Endesa, Naturgy – study to claim millionaire compensation To the company. At the same time, the State continues to investigate the causes of the incident … without ruling out any hypotheses, according to the Minister for Digital and Public Function, Óscar López. In fact, in an interview on TVE, López showed surprised that the company quickly discarded a possible cyber attack.
On the opposite side of the balance are Bankinter experts, who maintain their recommendation to 'buys' Given the positive results of the company. In fact, the entity places the target price of value in the 20.6 eurosa level that does not reach Since May 2022.
For Bankinter, the greatest contribution of the regulated activity of electricity transport, with a higher regulated asset base (RAB), as well as the growth of international activity (+11%), compensate negative factors such as the fall in the contribution of the optical fiber (-6%). According to these experts, the rab «will be favored» in the future by The necessary investments to integrate the entire new capacity in renewablesto reinforce interconnections with France and with the islands and to modernize the existing network. In addition, the financial return applied to these assets should also improve considering the environment of greater long -term types in recent years and the need to encourage investments related to the energy transition. Between January and March, Redeia's investments totaled 253.5 million of euros, an increase of 69.3% compared to the same period last year. Of this amount, 236.8 million corresponded to Red Eléctrica, which reflects a 70% increase in year -on -year rate. For all 2025, the company plans to exceed 1.4 billion investment in the operator. «As provided, investments are accelerated mainly to the development of the electricity transport network in Spain,» 4 Bank explains. «Its regulated asset character allows great visibility in the generation of cash flow and is not affected by tariff measures. We maintain the recommendation to 'buy' before the possibility of returning to the growth path in results in the next regulatory period (2026-2031) and a attractive profitability by dividend (4.32%) «, adds Bankinter. For their part, rent strategists 4 Banco believe that Redeia published a» without surprise «results account, which was» slightly upward «with respect to their forecast. In fact, good evolution in markets such as Peru, Chile and Brazil» more than compensation for a decrease in reintel's business figure (its fiber optic subsidiary) due to the impact of the renegotiation of the contracts. «» We see an operating cash flow lower than that registered in the first quarter of 2024 for the collection, last year, of the amount to be returned from the 2022 benefit tax for the surplus value of the sale of Reintel. Excluding this effect, the FFO would have increased by 6.0%. The return is pending in the coming months of 303 million corresponding to the return of the previous years rates. All these effects lead to net debt to grow about 4%, in line with our forecast, «these strategists sentence.