Bitesize briefing – ADMIE Holding

Published on 23 May 2019
 

Dario Carradori, industrials analyst, discusses the investment case for ADMIE Holding, a holding company that owns a 51% stake in IPTO, a Greek regulated utility. IPTO owns, manages and operates the Greek electricity transmission grid and has significant growth opportunities from investments in new transmission lines. IPTO’s underleveraged balance sheet sustains a c €4bn investment plan, which we estimate will result in a regulated asset base (RAB) CAGR of 11% in 2018–27.

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