Report
ING
Nadège Tillier

Fluvius/2018 financials in line, bonds fairly valued/STABLE

Fluvius published its 2018 annual report a few days ago. Fluvius is the result of a merger by absorption of Infrax CVBA by Eandis System Operator CVBA. Both electricity and gas grids companies operate in the Flanders region of Belgium. The IFRS annual report consolidates for Infrax from July 2018 onwards. Looking at bonds valuation, we consider Fluvius' curve to be fairly valued. The name trades slightly tighter than Stedin, also rated A-. We still see value in Elia's senior bonds, which trade c.20bp wider than Fluvius.
Provider
ING
ING

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Analysts
Nadège Tillier

Other Reports from ING
Other Reports from these Analysts
ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen
ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen
ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

ResearchPool Subscriptions

Get the most out of your insights

Get in touch