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ADMIE Holding


€502.3m market cap

€2.16 last close

ADMIE Holding is a holding company that owns a 51% stake in IPTO, a Greek regulated utility. IPTO owns, manages and operates the Greek electricity transmission grid. The network includes 11,801km of high voltage lines. The company plans a c €4bn investment plan over the period 2019–27.

Investment summary

ADMIE Holding offers exposure to growth in the Greek electricity transmission grid, IPTO. IPTO’s underleveraged balance sheet (0.9x adjusted net debt/EBITDA at the end of 2018) sustains a c €4bn investment plan, which we estimate will result in a regulated asset base (RAB) CAGR of 11% in 2018–27. On an underlying basis, IPTO posted strong growth in H119, with EBITDA (adjusted for a provision release in H118) up 14% y-o-y.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 25.1 25.1 9.9 21.8 N/A
2018A 0.0 36.0 36.1 18.2 11.9 N/A
2019E 0.0 40.1 40.4 17.7 12.2 N/A
2020E 0.0 40.7 41.0 17.7 12.2 N/A
Industry outlook

IPTO has launched large projects for the interconnection of the Greek islands, to reduce costs for consumers, improve security of supply and environmental sustainability. Most Greek islands rely on expensive and polluting fuel-oil-fired plants (often close to tourist areas); currently the extra costs of running these plants is shared among all Greek consumers (4–12% of a retail consumer’s bill). The construction of interconnections should allow for the replacement of these plants with renewables and imports from the mainland, lowering both costs for consumers and carbon emissions.

Last updated on 15/11/2019
Share price graph
Balance sheet
Forecast net cash (€m) 6.2
Forecast gearing ratio (%) N/A
Price performance
Actual 7.2 13.1 33.6
Relative* 2.2 (2.5) 14.6
52-week high/low €2.2/€1.5
*% relative to local index
Key management
Eleni Zarikou Chairman
Sabrina Twiss IR