Redeia Corporacion SA

RED: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Redeia: Sale of Hispasat at a Low Price Reverses Excessive Diversification

Tancrede Fulop

Feb 3, 2025

We adjust our fair value estimate to EUR 17 from EUR 17.5 after no-moat Redeia agreed to sell its 90% stake in Hispasat to Hindra at a lower price than what it paid to acquire it in 2019. This vindicates our view that this purchase was an example of excessive diversification. Completion of the deal is expected over the course of 2025.

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Redeia Corporacion SA

Redeia: Sale of Hispasat at a Low Price Reverses Excessive Diversification

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