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Compania Nationala de Transport al Energiei Electrice Transelectrica SA (Transelectrica) is a Romania-based operator of the electricity transmission system. The Company is responsible for electricity transmission, system and market operation, grid and market infrastructure development ensuring the security of the Romanian power system. It also serves as the main link between electricity supply and demand, matching all the times power generation with demand. Transelectrica is organized in eight territorial transmission branches and one more branch acting as a metering operator for the electricity traded on the wholesale market. The Company is publicly traded with 58.7% of shares being held by the Ministry of Economy and Commerce as of the end of 2013. It is listed at the Bucharest Stock Exchange.

Finance

Transelectrica has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 11.2% a year during that time to total of RON 776 mil in 2015, or 26.0% of sales. That’s compared to 22.1% average margin seen in last five years.

The company netted RON 348 mil in 2015 implying ROE of 11.8% and ROCE of 9.44%. Again, the average figures were 8.31% and 5.82%, respectively when looking at the previous 5 years.

Transelectrica’s net debt amounted to RON -257 mil at the end of 2015, or -0.084 of equity. When compared to EBITDA, net debt was -0.331x, down when compared to average of 0.874x seen in the last 5 years.

Valuation

Transelectrica stock traded at RON 29.0 per share at the end of 2015 resulting in a market capitalization of USD 575 mil. Over the previous five years, stock price grew by 50.1% or 8.47% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 2.26x and price to earnings (PE) of 6.12x as of 2015.