Elia Group ELI.BR
Elia Group is a Belgian high-voltage electricity transmission system operator, managing and developing energy infrastructure in Belgium and Germany, with a regulated business model generating stable revenue through network tariffs. Elia Group shows solid growth (revenue +18%) and a high operating margin (43.31%), but its high leverage (ND/EBITDA 5.42) and negative cash conversion (-147.14%) are drags that the market discounts with a P/E of 20.52.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
Elia Group is a Belgian high-voltage electricity transmission system operator, managing and developing energy infrastructure in Belgium and Germany, with a regulated business model generating stable revenue through network tariffs. Elia Group shows solid growth (revenue +18%) and a high operating margin (43.31%), but its high leverage (ND/EBITDA 5.42) and negative cash conversion (-147.14%) are drags that the market discounts with a P/E of 20.52.
Score by category
| Category | Score |
|---|---|
| Financial health | 6.3 |
| Quality / Moat | 4.3 |
| Valuation | 4.7 |
| Growth | 7.5 |
| Dividend | 5.8 |
| Momentum | 8.0 |
| Risk & Context | 7.0 |
OVERALL SCORE: 5.9/10
Context and risks
The rise in 10-year rates makes financing its intensive capex plan more expensive (Net Debt/EBITDA of 5.42). Regulatory risk in Belgium is moderate, but the tariff framework is key to its model.
News considered in the analysis
- Elia Group and CPP to acquire Tarchon UK-Germany interconnector — Adquisición estratégica que expande la red de interconexión, con potencial de crecimiento regulado, aunque sujeta a aprobaciones regulatorias.
- Elia Group SA/NV (ELIAF) Q2 2026 Earnings Call Highlights: Strong Profit Growth Amid Strategic ... — Resultados con crecimiento de beneficios, refuerzan la narrativa de ejecución, aunque ya parcialmente descontados.
- Elia Group SA/NV (ELIAF) Q4 2025 Earnings Call Highlights: Strong Financial Performance Amid ... — Resultados pasados, ampliamente cubiertos y ya reflejados en el precio.
- Is Elia Group (ENXTBR:ELI) Undervalued As Its CapEx Growth Story Meets A Rich P/E? — Análisis de valoración sin información nueva; ruido.
Verdict: Hold; network expansion is positive, but the balance sheet and the rate environment warrant caution.
Main risk: High leverage (Net Debt/EBITDA of 5.42) and the need to finance massive capex in a rising rate environment, which could compress financial health and valuation.
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