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.
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Rubis: Attractive Valuation, But Solar Assets Investment Isn't Convincing