Redeia Corporacion SA RDEIY

UtilitiesElectric Utilities & IPPsSpain

Last close 8.54 USD on Nov 2, 2026, −2.7% year to date

Quant rating

Quant rating C Rank 53 of 89 in Utilities

Growth B 32 of 89
Valuation C 61 of 89
Quality B 32 of 89
Revisions D 64 of 89
Momentum C 43 of 89

Wall Street consensus Hold (2.62)Average target 18.47 USD +116.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.2B
Enterprise value: 8.2B
52-week range: 8.04 – 11.04
3-year range: 7.71 – 11.30
Dividend yield: 5.33%
Beta (5 years): 0.51
Shares outstanding: 541M
Next earnings: Feb 24, 2027

About the company

Redeia Corporacion SA is a Spain-based company principally engaged in energy sector. The Company, through Red Electrica de Espana SAU, focuses on the management and operation of high-voltage electricity transmission grids, as well as is responsible for its development, maintenance, and improvement of the network’s installations. Its activities also include the coordination among generation, transmission, and distribution process of electric energy. The Company also manage telecommunications networks in Spain and Latin America through fleet of satellites and fiber optic assets. The Company is a parent of Redeia Group and operates through its subsidiaries and affiliates in several countries, such as Spain, the Netherlands, France, Peru, Chile, and Brazil.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,949	1,650	2,007	2,157	2,220	–
Revenue growth	18.1%	−17.8%	−6.9%	−2.9%	−8.5%	−4.3%
EPS (basic, normalized)	1.11	0.71	1.39	1.30	1.42	–
EPS growth	55.6%	−48.6%	6.6%	−8.7%	–	–
Gross margin	102.6%	102.4%	101.0%	101.3%	101.9%	101.8%
Net margin	30.5%	31.8%	36.3%	33.0%	34.9%	33.3%
ROE	9.7%	9.6%	12.9%	15.8%	19.3%	13.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,125
Current ratio	1.14x
Long-term debt (mil)	0
Net debt (mil)	5,882
Total equity (mil)	6,724
Net debt / equity	0.87x
Net debt / EBITDA	3.96x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,949	+18.1%	4.2x	1,484	+8.3%	5.6x	1.11	+55.6%	7.7x
2026	1,944	−0.3%	4.2x	1,451	−2.2%	5.7x	1.05	−5.4%	8.1x
2027	2,033	+4.6%	4.1x	1,517	+4.5%	5.4x	1.08	+2.7%	7.9x
2028	2,151	+5.8%	3.8x	1,622	+6.9%	5.1x	1.11	+2.7%	7.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,944	+0.4%	−0.1%	+0.8%	1.05	−0.3%	+0.2%	+0.4%
2027	2,033	−0.2%	−0.4%	+0.4%	1.08	−0.5%	−0.3%	0.0%
2028	2,151	0.0%	−0.1%	+0.1%	1.11	−1.5%	−0.9%	−1.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	456	455	454	230	404	407	406	441	430	439
Sales mean (mil)	469	483	461	420	434	433	429	442	409	440
Surprise	−2.9%	−5.9%	−1.7%	−45.3%	−6.8%	−6.0%	−5.2%	−0.1%	+5.2%	−0.2%
EPS reported	0.21	0.22	0.26	−0.07	0.26	0.24	0.22	0.21	0.26	0.26
EPS mean	0.27	0.27	0.27	0.15	0.28	0.26	0.25	0.22	0.26	0.25
Surprise	−21.7%	−18.4%	−5.3%	−147.8%	−8.8%	−5.1%	−11.5%	−2.8%	+0.2%	+2.5%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RDEIY Redeia Corporacion SA	9.2B	3.96x	30.5%	1.39x	8.1x	7.9x	5.7x	5.4x
IESFY Interconnection Electric SA ESP	9.5B	–	–	–	278.2x	291.5x	–	–
PGPKY PGE Polska Grupa Energetyczna SA	9.0B	0.25x	−5.7%	0.76x	9.8x	9.7x	2.9x	2.9x
BEP_u Brookfield Renewable Partners LP	9.0B	25.98x	−0.6%	2.05x	−39.6x	−133.1x	23.9x	21.7x
IDA IDACORP, Inc.	8.7B	5.95x	17.8%	2.09x	22.9x	21.1x	15.5x	12.9x
HPIFY Huadian Power International Corp Ltd	8.5B	6.35x	4.4%	0.83x	247.5x	201.2x	8.9x	7.9x
Mean		8.50x	9.3%	1.42x	87.8x	66.4x	11.4x	10.2x
Median		5.95x	4.4%	1.39x	16.4x	15.4x	8.9x	7.9x

Technical analysis

1M+3.1%
3M−2.5%
1Y+0.5%
3Y+26.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Redeia Corporacion SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,949	1,650	2,007	2,157	2,220	2,425
Cost of revenue	−49.7	−39.7	−20.6	−27.7	−42.2	−37.1
Gross profit	1,999	1,690	2,028	2,184	2,262	2,462
Selling, general & administrative expenses	225	187	196	225	213	215
Research & development	–	–	–	–	–	–
Depreciation/amortization	556	478	484	583	594	669
Interest expense (income), operating	−66.3	−55.2	−67.4	−53.9	−33.6	−34.1
Unusual expense (income)	0.4	0.4	−1.4	0.5	−1.3	148
Other operating expenses	336	292	360	400	363	329
Operating income	948	788	1,056	1,029	1,128	1,135
Net interest income (expense)	−143	−139	−119	−110	−120	−150
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	18.6	49.9	39.4	11.6	1.3	0
Net income before taxes	823	699	977	931	1,010	984
Provision for taxes	194	154	215	202	229	238
Minority interest	−35.0	−20.9	−33.1	−17.6	−6.4	12.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	594	525	728	711	774	759
Extraordinary items	0	−143	32.6	–	–	–
Net income	594	381	761	711	774	759
EBIT, normalized	882	733	988	976	1,093	1,249
EBITDA, normalized	1,444	1,333	1,581	1,559	1,687	1,918
Basic EPS, normalized	1.11	0.71	1.39	1.30	1.42	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Redeia Corporacion SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	708	956	789	1,656	1,819	632
Receivables	2,460	1,304	1,595	1,454	1,433	1,639
Total inventory	153	101	67.6	44.2	30.2	42.6
Prepaid expenses	–	–	–	–	–	–
Other current assets	12.7	1,307	1.4	0	0.1	24.4
Total current assets	3,333	3,668	2,452	3,154	3,282	2,338
Property, plant & equipment	12,626	10,097	11,026	10,303	10,886	11,616
Goodwill	4.1	4.1	315	307	263	283
Intangibles	530	505	597	608	556	561
Long-term investments	1,419	1,293	1,447	1,251	801	778
Note receivable	–	–	–	–	–	–
Other long-term assets	111	54.8	149	196	109	111
Total assets	18,023	15,623	15,985	15,819	15,898	15,686
Liabilities
Accounts payable	439	411	449	520	435	562
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	878	1,321	651	781	1,591	263
Other current liabilities	1,392	1,384	1,221	1,807	1,354	957
Total current liabilities	2,709	3,116	2,321	3,107	3,380	1,782
Long-term debt	6,339	5,323	5,745	5,896	6,725	7,850
Minority interest	78.1	110	133	112	61.4	68.8
Other liabilities	2,734	1,738	1,817	1,578	1,603	1,790
Total liabilities	11,859	10,287	10,016	10,693	11,770	11,491
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	318	280	299	290	308	330
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,972	5,227	5,741	4,904	4,005	4,127
Treasury stock	−3.2	−12.2	−21.5	−28.1	−35.9	−44.6
Other equity	−123	−159	−49.2	−39.4	−149	−217
Total equity	6,164	5,336	5,969	5,126	4,128	4,196
Total liabilities & shareholders' equity	18,023	15,623	15,985	15,819	15,898	15,686

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Redeia Corporacion SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	823	699	1,004	931	1,010	984
Depreciation, depletion & amortization	556	478	593	583	594	669
Deferred taxes	–	–	–	–	–	–
Non-cash items	−11.1	−2.1	−2.0	51.0	71.1	241
Changes in working capital	−179	−186	−1,053	112	151	−209
Cash from operations	1,190	989	543	1,677	1,825	1,686
Investing activities
Capital expenditures	−1,653	−1,117	−1,055	−574	−632	−666
Other investing cash flows	810	136	982	−1,183	20.8	−440
Cash from investing	−843	−981	−73.4	−1,757	−611	−1,106
Financing activities
Financing cash flow items	−6.6	43.0	−14.0	−12.6	−36.4	−28.8
Cash dividends paid	−541	−593	−628	−582	−613	−692
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−200	886	38.5	−163	675	337
Cash from financing	−748	336	−604	−758	25.4	−384
Foreign exchange effects	−2.8	1.4	2.6	3.3	3.2	−8.6
Net change in cash	−403	346	−132	−834	1,242	187
Free cash flow	−463	−127	−512	1,103	1,193	1,020

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.