Independent equity research
Is Redeia Corporación, S.A. (RED) a Buy, Hold or Sell?
Redeia Corporación, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€14.16
To fair value
−6%
By · report dated 2026-09-14 · fair value derived independently of the market price.
The thesis, in brief
The CNMC's 6.58% pre-tax allowed return for 2026-2031 sits 14bp below our 6.72% pre-tax cost of capital, so Redeia's EUR 6bn grid programme grows the RAB without growing value; falsified if the CNMC grants the inflation adjustment Redeia has formally requested, which would take fair value to about EUR 16.4
How we value it
We value Redeia Corporación, S.A. using SOTP on 2026E RAB at 1.00x, cross-checked by a two-stage DDM and a 10-yr FCFF DCF at a 5.04% WACC. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Redeia Corporación, S.A. report
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