Barclays ups Redeia as negative catalysts fade out

Redeia Corporacion SA

05/01/2026 10:19

** Barclays upgrades Spanish grid operator Redeia REDE.MC to "equal weight" from "underweight", noting a more balanced risk/reward, better distribution opportunities

** The broker says main negative drivers, such as the "disappointing" proposal from Spain's anti-trust watchdog CNMC on guaranteed return on investments, have now fully materialised, removing a key stock overhang

** "We see scope for the company to revisit its dividend policy to better track medium-term EPS growth over the next regulatory period," Barclays says, raising Redeia's PT by 7% to 15 euros

** It expects Redeia to deliver a 4.1% EPS CAGR in 2025-2030 and regular asset base growth of around 7.9% in 2026-2031,

** It also expects Redeia to trade broadly in line with power network peers average full year EV/EBITDA estimate of 11.7x

(Reporting by Javi West Larrañaga)

((javier.west@thomsonreuters.com; +34 918 35 61 12))