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RUBSF - Rubis: Attractive Valuation But Solar Assets Investment Isn't Convincing
Rubis SA
2024-07-14 20:47:16 ET
Summary
Rubis sells the terminal business at a good, value-accretive multiple and consequently plans a special dividend of 0.75 EUR per share.
Proceeds from sale being invested in renewable business, which may not be the best capital allocation choice.
Rubis' valuation remains attractive due to compressed PEs, but investment in solar assets isn't particularly convincing, especially as debt is high and fixed at higher rates.