Jefferies initiates power provider Elia with 'buy' on 'exceptional growth outlook'

Elia SA

23/01/2026 07:56

** Jefferies initiates coverage on Belgian electricity provider Elia  ELI.BR with a "buy" rating, saying it offers an "exceptional growth outlook"

** The broker calculates Elia's EBITDA to grow by 20% compound annual growth rate (CAGR) through 2029, greatly outpacing the sector average

** Jefferies notes the co's investment programme of around EUR 31 billion between 2024 and 2028 provides a solid foundation for the strong growth, "positioning the company as a clear leader in European transmission infrastructure development"

** Additionally, Elia has a strong balance sheet and the co's subsidiaries regularly outperform regulated returns as well, it adds

** Jefferies projects a PT of EUR 135, about a 20% upside to market prices at Thursday's closing

** Out of 15 analysts that cover Elia, 13 rate the stock "strong buy" or buy" with two rating it "hold" - LSEG data

 (Reporting by Jakob Van Calster)

 ((jakob.vancalster@thomsonreuters.com))