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RDEIF - Red Electrica Corporacion: Management Effectively Telegraphing A Dividend Cut
Red Electrica Corporacion SA
Red Eléctrica has disclosed intense capex plans for the next 5 years, which will place significant pressure on free cash flow generation and dividend payouts.
Management has effectively telegraphed a dividend cut from FY12/2023, but we believe current company targets are unrealistic.
Investors will not get a progressive stable dividend from this company, and its dividend outlook has become unpredictable - we remain sellers of the shares.