REN - Redes Energéticas Nacionais SGPS Valuation

Q: What is the Fair Price of 0KBT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0KBT (€2.4) is trading below our estimate of [[fair value]] (€5.21)

Is 0KBT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0KBT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0KBT (€2.4) is trading below our estimate of fair value (€5.21)

Significantly Below Fair Value: 0KBT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0KBT?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 0KBT. This is calculated by dividing 0KBT's market cap by their current preferred multiple.
What is 0KBT's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	€1.59b

0KBT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.5x
Enterprise Value/EBITDA	8.9x
PEG Ratio	-3.7x

Price to Earnings Ratio vs Peers

How does 0KBT's PE Ratio compare to its peers?

The above table shows the PE ratio for 0KBT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.9x
TEP Telecom Plus	20.2x	11.3%	UK£1.4b
CNA Centrica	5.5x	-9.9%	UK£6.1b
NG. National Grid	22x	11.8%	UK£48.7b
DRX Drax Group	3.8x	-21.5%	UK£2.5b
0KBT REN - Redes Energéticas Nacionais SGPS	11.8x	-3.2%	€1.6b

Price-To-Earnings vs Peers: 0KBT is good value based on its Price-To-Earnings Ratio (11.8x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does 0KBT's PE Ratio compare vs other companies in the Global Integrated Utilities Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	4.9%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	4.9%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: 0KBT is good value based on its Price-To-Earnings Ratio (11.8x) compared to the Global Integrated Utilities industry average (17.4x).

Price to Earnings Ratio vs Fair Ratio

What is 0KBT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0KBT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.8x
Fair PE Ratio	11.5x

Price-To-Earnings vs Fair Ratio: 0KBT is expensive based on its Price-To-Earnings Ratio (11.8x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0KBT forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€2.40	€2.76 +14.9%	11.5%	€3.40	€2.40	n/a	9
Sep ’25	€2.38	€2.77 +16.7%	11.0%	€3.40	€2.40	n/a	10
Aug ’25	€2.35	€2.77 +18.2%	11.0%	€3.40	€2.40	n/a	10
Jul ’25	€2.30	€2.76 +20.4%	11.3%	€3.40	€2.40	n/a	10
Jun ’25	€2.30	€2.71 +18.0%	11.4%	€3.45	€2.40	n/a	10
May ’25	€2.27	€2.65 +16.9%	13.8%	€3.45	€2.10	n/a	9
Apr ’25	€2.20	€2.69 +22.3%	13.5%	€3.45	€2.10	n/a	9
Mar ’25	€2.22	€2.71 +22.2%	13.5%	€3.45	€2.10	n/a	9
Feb ’25	€2.24	€2.75 +22.8%	13.9%	€3.45	€2.10	n/a	9
Jan ’25	€2.33	€2.78 +19.5%	13.5%	€3.45	€2.10	n/a	9
Dec ’24	€2.44	€2.81 +15.1%	12.9%	€3.45	€2.10	n/a	9
Nov ’24	€2.46	€2.83 +14.9%	12.4%	€3.45	€2.10	n/a	9
Oct ’24	€2.42	€2.83 +16.7%	12.4%	€3.45	€2.10	€2.42	9
Sep ’24	€2.49	€2.83 +13.4%	12.4%	€3.45	€2.10	€2.38	9
Aug ’24	€2.48	€2.83 +13.8%	12.4%	€3.45	€2.10	€2.35	9
Jul ’24	€2.49	€2.79 +11.9%	12.8%	€3.45	€2.10	€2.30	9
Jun ’24	€2.52	€2.82 +11.9%	13.0%	€3.45	€2.10	€2.30	8
May ’24	€2.65	€2.81 +6.1%	12.6%	€3.40	€2.10	€2.27	8
Apr ’24	€2.68	€2.78 +3.5%	11.3%	€3.40	€2.20	€2.20	9
Mar ’24	€2.55	€2.75 +7.7%	11.5%	€3.40	€2.20	€2.22	9
Feb ’24	€2.54	€2.76 +8.3%	11.6%	€3.40	€2.20	€2.24	9
Jan ’24	€2.55	€2.78 +9.0%	11.8%	€3.40	€2.20	€2.33	9
Dec ’23	€2.58	€2.79 +8.5%	10.9%	€3.40	€2.40	€2.44	8
Nov ’23	€2.64	€2.79 +6.0%	10.9%	€3.40	€2.40	€2.46	8
Oct ’23	€2.44	€2.81 +15.2%	10.6%	€3.40	€2.40	€2.42	8

Analyst Forecast: Target price is less than 20% higher than the current share price.