olivLaw · European equity research
Redeia Corporación, S.A. RED.MC
Spain · BME Madrid · ISIN ES0173093024 · Vertical: Listed companies from Spain
Redeia is Spain's electricity transmission system operator, with operations in Peru, Chile and Brazil, and a fibre optic business through Reintel. The company plans large grid investments for the energy transition, balancing regulated activities with market-exposed ones, and reports an average supplier payment period of 41 days for its Spanish Group companies in fiscal 2025.
At the close of 05 Nov 2026, Redeia Corporación, S.A. (RED.MC) stock was 15.71 EUR (+0.64% on the day), with market capitalisation 8.8 bn EUR, P/E 17.5 on diluted EPS of 0.90 EUR over the last 12 months, dividend yield 5.09%, beta 0.12, 52-week range 14.21–16.35 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 14.41 – 15.67
- above the upper band · %B 1.03 · band width 8.4%
- SMA 50 / 200
- 14.97 / 15.08
- mixed trend
- MACD (12, 26, 9)
- 0.17 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.0% | −0.6% | +7.7 pp | — |
| 3 months | +1.7% | −4.2% | +5.9 pp | — |
| 6 months | +6.3% | +4.3% | +2.0 pp | — |
| Year to date | +3.6% | +7.5% | −4.0 pp | — |
| 1 year | +2.5% | +9.9% | −7.4 pp | +6.7% |
| 3 years | +4.9% | +49.8% | −45.0 pp | +31.5% |
| 5 years | −13.6% | +42.8% | −56.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 11.6, median 16.9, max 25.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | unavailable | −12.3% | +4.1% |
| Net income | 689.6 m | 368.4 m | 505.6 m |
| Net income YoY | unavailable | −46.6% | +37.2% |
| Diluted EPS | 1.28 | 0.65 | 0.90 |
| Diluted EPS YoY | unavailable | −49.2% | +38.5% |
| net % | 37.9% | 23.1% | 30.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 546.2 m EUR
- Financial debt
- 5.4 bn EUR
- Net debt
- 4.8 bn EUR
- Equity
- 5.3 bn EUR
- Total assets
- 15.3 bn EUR
- Debt / equity
- 1.01x
- Current ratio
- 1.23x
- ROE
- 9.6%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.8 bn | 1.6 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Operating income | 957.3 m | 761.4 m | 806.8 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 438.7 m | 461.7 m | 473.8 m | esef· 20 Oct 2026verified |
| EBITDA | 1.4 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | esef· 20 Oct 2026derived |
| Interest expense | 121.2 m | 143.6 m | 130.8 m | esef· 20 Oct 2026verified |
| Pre-tax income | 885.2 m | 675.6 m | 700.9 m | esef· 20 Oct 2026verified |
| Income tax | 195.1 m | 148.8 m | 165.5 m | esef· 20 Oct 2026verified |
| Net income | 689.6 m | 368.4 m | 505.6 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1.28 | 0.65 | 0.90 | esef· 20 Oct 2026verified |
| Dividend per share | 1.00 | 0.80 | 0.80 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 675.4 m | 889.6 m | 546.2 m | esef· 20 Oct 2026verified |
| Receivables | 1.4 bn | 1.3 bn | 2.1 bn | esef· 20 Oct 2026verified |
| Inventories | 61.3 m | 97.7 m | 130.6 m | esef· 20 Oct 2026verified |
| Current assets | 2.2 bn | 3.5 bn | 2.8 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 10.0 bn | 9.8 bn | 10.8 bn | esef· 20 Oct 2026verified |
| Total assets | 14.5 bn | 15.1 bn | 15.3 bn | esef· 20 Oct 2026verified |
| Accounts payable | 671.2 m | 668.9 m | 937.0 m | esef· 20 Oct 2026verified |
| Long-term debt | 5.2 bn | 5.1 bn | 5.4 bn | esef· 20 Oct 2026verified |
| Current liabilities | 2.1 bn | 3.0 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Equity | 5.5 bn | 5.3 bn | 5.3 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 538.8 m | 566.8 m | 561.8 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 382.7 m | 955.6 m | 1.0 bn | esef· 20 Oct 2026verified |
| Investing cash flow | -29.4 m | -947.4 m | -717.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | -516.6 m | 324.5 m | -636.8 m | esef· 20 Oct 2026verified |
| Dividends paid | 565.5 m | 572.5 m | 460.8 m | esef· 20 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality43
- Returns75
- Balance sheet32
- Valuation54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.88 – 20.46 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E13.66 – 20.46 (Mid 17.89)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)10.88 – 14.84 (Mid 12.55)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.3% | 14 (vs peers) | 16% |
| Net margin · Quality | 30.5% | 92 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.8x | 6 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 6.2x | 72 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.5x | 68 (vs peers) | 16% |
| EV/EBITDA · Valuation | 10.7x | 39 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.2% | 75 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partial75/100 · 1/2 factors with a value
- Valuation54/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
REDEIA CORPORACION SA (RED.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn EUR in 2025; YoY growth 4.1%; net margin 30.5%; ROE 9.7%; net debt/EBITDA 3.8x.
The estimated value range is 12.27–17.65 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.22 EUR, the price of 15.71 EUR leaves a potential of -3.1% (value / price − 1) and a margin of safety of -3.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.5%
- Interest coverage: 6.2x
- Shareholder yield (distributions): 5.2%
What contradicts it
- ROIC: 6.3%
- Net debt / EBITDA: 3.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| RED.MCRedeia Corporacion SA | 8.8 bn | 17.5 | 9.7% | 30.5% | +4.1% | +2% / +2% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for RED.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.25 Total return -37% · Per year -37% | 16.35 Total return 9% · Per year 9% | 24.64 Total return 63% · Per year 63% |
| 3 years | 8.90 Total return -32% · Per year -12% | 17.72 Total return 29% · Per year 9% | 29.32 Total return 108% · Per year 28% |
| 5 years | 8.57 Total return -26% · Per year -6% | 19.20 Total return 51% · Per year 9% | 34.90 Total return 160% · Per year 21% |
- Exit P/E± 4.43
- Net margin± 3.10
- Annual revenue growth± 2.56
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Redeia is Spain's electricity transmission system operator, with operations in Peru, Chile and Brazil, and a fibre optic business through Reintel. The company plans large grid investments for the energy transition, balancing regulated activities with market-exposed ones, and reports an average supplier payment period of 41 days for its Spanish Group companies in fiscal 2025 1.
SWOT
Strengths
- Transmission activity is regulated, providing a predictable remuneration framework for grid investment 1.
- The group has a diversified financial structure and a liquidity position considered comfortable for covering maturities 1.
- The company has built an extensive innovation ecosystem, with many active alliances and startup investment programmes 1.
Weaknesses
- The concentration of regulatory risk in the group's core activities exposes the company to changes in the legal framework 1.
- The large investment volume needed for the grid could weigh on the company's financial structure 1.
- Telecoms activities depend on a limited number of customers in the sector, which can create commercial vulnerability 1.
Opportunities
- The energy transition could create additional needs for interconnections and storage, if the regulatory framework allows their development 1.
- Expansion in Peru, Chile and Brazil could diversify revenue, if suitable financial alternatives are pursued 1.
- Grid digitalisation and technologies developed through Elewit could create new services, if pilot projects reach commercial maturity 1.
Threats
- Changes in tax or regulatory legislation could reduce remuneration of regulated activities or delay investments 1.
- Operational risks linked to asset unavailability or grid incidents could affect service reliability 1.
- Environmental and climate risks could affect infrastructure, and adaptation requirements could raise costs 1.
Risks
- Regulatory riskhigh
The group's core activities are subject to regulation, and changes to the framework could affect revenue and investment plans 1.
- Tax riskmedium
The tax framework is among the regulatory risks the company identifies, and changes in tax policy could influence results 1.
- Grid operational riskmedium
Asset unavailability or incidents during works could affect supply safety and service quality 1.
- Environmental and climate riskmedium
Climate change effects and sector activities could affect infrastructure and require additional spending 1.
- Financial and liquidity risklow
The large investment volume and funding needs could strain the financial structure if market conditions deteriorate 1.
Investment thesis
What would need to be true (bull case)
- If grid investment proceeds as planned, the regulated activity could support long-term growth of the asset base 1.
- The liquidity position and diversified financial structure could support funding of investments without major pressure, if market conditions remain favourable 1.
- Diversification through international and telecoms activities could reduce dependence on a single regulatory framework 1.
What would break the thesis
- If regulatory or tax changes reduce the remuneration of regulated activities, results could be significantly affected 1.
- A large investment volume could increase debt and limit financial flexibility, if costs or delays exceed estimates 1.
- The fibre optic market is competitive, and losing important customers could reduce Reintel's revenue 1.
What to watch
- Evolution of the regulatory framework and remuneration of transmission activity2026
- Progress of grid investment and execution of the energy transition plan2026
- Results of international activities in Peru, Chile and Brazilnext 10-K
- Evolution of fibre optic rental revenue and new Reintel customers2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Redeia operates electricity transmission in Spain as the national transmission system operator (TSO), and international activities in managing and operating electricity infrastructure in Peru, Chile and Brazil 1. Through Reintel, the group provides telecommunications infrastructure, mainly dark fibre optic rental for telecoms operators, and KKR joined that subsidiary as a strategic partner in 2022 1. The group also runs Elewit, an innovation unit that coordinates projects, startup investments and technology alliances 1.
The group's main risks are regulatory, including tax, operational, financial and market risks, along with environmental risks, according to the risk framework in the management report 1. Transmission activity is remunerated under a regulated model, and the company says it adapts its financial policy to that model, keeping a diversified financial structure and a comfortable liquidity position 1.
Hispasat, the satellite telecommunications business, was classified as non-current assets held for sale at the end of fiscal 2024, and on 30 December 2025 the sale of that business was completed 1. The foreseeable evolution focuses on consolidating international presence and developing fibre optic activities, without satellite in the core perimeter 1.
Segments
Electricity transmission in Spain
This is the core regulated segment, through which the company builds and operates the transmission grid and aims to provide a safe and reliable electricity system that facilitates the energy transition 1. The plan foresees significant grid investment in coming years, with a strong technological component including storage and interconnections 1.
Market context
The company operates in a strongly regulated framework, where tariffs and transmission remuneration depend on sector regulation, and grid investment needs are shaped by the energy transition in Spain and the region 1. Fibre optic demand is driven by telecoms operators, and Reintel aims to broaden its customer base 1.
The innovation and technology segment relies on alliances with startups, technology centres and other network operators, including the TSO Innovation Alliance, a pan-European initiative 1. The maturity of innovation projects varies and influences how quickly new technologies are adopted 1.
Trends
- Energy transition and grid investmentmixed
Transmission network development is needed to integrate renewable energy and expand interconnections, which could support growth in the regulated asset base 1. However, the large investment volume required also puts pressure on the financial structure 1.
- Demand for fibre optic connectivitytailwind
Expanding telecoms networks and interconnecting fibre networks could generate new revenue for Reintel, if new customers are attracted to its fibre products 1.
- Digitalisation and AI in grid managementtailwind
Using advanced technologies such as analytics, artificial intelligence and the internet of things could improve operational efficiency and supply safety, if pilot projects are scaled up 1.
- Regulatory and tax risksheadwind
Changes to the regulatory framework or tax legislation could alter the remuneration of regulated activities and create uncertainty over investment plans 1.
Competitive position
In electricity transmission in Spain, the company acts as the single transmission operator under its regulated framework, so direct competition is limited by the nature of the activity 1. In telecoms, Reintel competes for fibre infrastructure customers and in backbone network markets, while international activities face local conditions in Peru, Chile and Brazil 1.
The provided sources do not name specific competitors, so the competitive analysis is limited to the sector context described in the report 1. Competitive advantage depends on the ability to finance and execute large investments and maintain grid reliability 1.
- European transmission system operators
The sources mention other European TSOs with which the company collaborates in the TSO Innovation Alliance, rather than as direct rivals 1.
- Latin American grid operators
In the region the company works with other grid managers, indicating a context of sector cooperation 1.
- Fibre optic network operators
Reintel competes for telecoms customers that rent dark fibre optic capacity 1.
- Other telecoms infrastructure providers
In the backbone fibre market, the company faces other infrastructure providers seeking the same telecoms customers 1.
News & filings
In the press
- Cataluña reforzará su red eléctrica hasta 2030 para acelerar sus proyectos industriales y de renovablesSurge — GDELT DOC · 24 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Redeia Corporación, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.