REN - Redes Energéticas Nacionais SGPS S.A (RENE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of REN - Redes Energéticas Nacionais SGPS S.A stock €1.70, price €3.63, that is 53.1% below the price, quality 52 out of 100. Rating: strongly overvalued. Calculated from audited financials with 21 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €1.85 – €3.83 · fair‑value band €1.36 – €3.38 · the €3.63 price screens above the €1.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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REN - Redes Energéticas Nacionais, SGPS, S.A., together with its subsidiaries, engages in the transmission of electricity and natural gas in Portugal. The company operates in two segments, Electricity and Gas; and Telecommunications.
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It operates as a national electricity transmission network; purchases, sells, imports, and exports electricity and natural gas; manages a concession to operate a pilot area to produce electric energy from ocean waves; and operates a telecommunications network.
The company also operates liquefied natural gas terminal maintenance and regasification facilities; and manages projects and ventures in the natural gas sector.
In addition, it provides underground storage development, maintenance, and operation services; natural gas transport and management services; and distributes natural gas, as well as communication and sustainability, marketing, business management, business development and consulting, and IT project services.
Further, the company invests in assets, shares, companies, and associations; transmits and transforms electricity in Chile, as well as participates, finances, collaborates, and conducts management of companies; and manages back offices.
The company was founded in 1994 and is headquartered in Lisbon, Portugal.
Stock analysis
REN - Redes Energéticas Nacionais SGPS S.A (RENE) currently trades at €3.63, while our model-based Fair Value estimate is €1.70, 53% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €3.52 per share, and 3 of the 21 models we run sit above the €3.63 price.
Bear case: the Economic Profit group reads lowest at €1.44, and 18 of the 21 models stay below the price. Data coverage for this calculation is high.
Scenario range: €1.36 (bear) to €3.38 (bull), the price of €3.63 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
REN - Redes Energéticas Nacionais SGPS S.A reported revenue of €1.0B in FY2025 versus €781M in FY2021, a compound +6.9%/yr. Reported net income was €160M in FY2025, compounding +13.3%/yr from FY2021.
Key figures
Market cap €2.4B Mid · P/E ratio 12.9 · P/S ratio 2.16 · EPS (TTM) €0.2800 · Dividend yield 4.3% · Net margin 16.8% · Return on equity 12.4% · Return on assets (EBIT) 4.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −47% fair-value upside, at −53%, RENE screens richer than that median.
Fair Value models
Bear€1.36Fair Value €1.70Bull€3.38
Price €3.63 · Downside -53.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1051 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Start year 2020 (pandemic). Over 10 years: +2.7% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.9%
Dividend (yield on the price)4.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.31% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +14.9% a year for the price and +2.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (9 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: REN's regulated utility operations deliver stable margins as the core strength, yet limited evidence of differentiation and elevated leverage remain the main weaknesses that curb flexibility.
Main risk: Elevated leverage represents the biggest risk to REN's business and could constrain flexibility when responding to regulatory oversight of its electricity and gas networks.
Portugal just raised its stake in REN to 19 percent by buying from Fidelidade, seeking more say over the electricity and gas networks while China's State Grid stays the largest shareholder at 25 percent. Our models see the stock as overvalued, yet this step could steer investment toward faster renewable grid connections or add oversight that shapes regulated returns. Does the bigger public role mainly speed up asset growth or limit operational flexibility?
Compare REN - Redes Energéticas Nacionais SGPS S.A with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Diversified · 49 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Top 25%
Fair Value upside−53.1% · Bottom 25%
Profitability
Return on equity (12 months)12.4% · Top 25%
Return on assets3.0% · Above median
Net margin (12 months)16.8% · Top 25%
Operating margin (12 months)22.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)23.2% · Top 25%
Dividend yield (12 months)4.3% · Above median
Balance sheet
Debt / equity1.00× · Below median
Valuation Multiplesvs Utilities - Diversified median · lower = cheaper
P/E (12 months)12.9× · Cheaper than median
P/B1.58× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.16× · Pricier than median
Price / free cash flow (fiscal year)15.1× · Pricier than median
EV/EBITDA7.7× · Cheapest 25%
PEG10.08× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 43
PAST (return on equity)49· sector 35
HEALTH (low debt)50· sector 48
DIVIDEND (yield)87· sector 82
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is REN - Redes Energéticas Nacionais SGPS S.A (RENE) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €1.70 versus a price of €3.63, about 53% lower (overvalued).
What is the fair value of RENE?
Our model-based fair value for REN - Redes Energéticas Nacionais SGPS S.A is €1.70 (as of Nov 7, 2026), built from audited fundamentals. The current price: €3.63.
What is the quality score of RENE?
REN - Redes Energéticas Nacionais SGPS S.A has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Our model-based price target is the fair value of €1.70 (as of Nov 7, 2026) from 21 valuation models. Cautious scenario €1.36, optimistic scenario €3.38. It is a calculation from audited fundamentals, not an analyst target.
What is the REN - Redes Energéticas Nacionais SGPS S.A stock forecast for 2026?
Our models put fair value at €1.70, about 53% lower versus a price of €3.63 (overvalued). Cautious scenario €1.36, optimistic scenario €3.38. The calculation is refreshed regularly with new filings.
What is the revenue of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
REN - Redes Energéticas Nacionais SGPS S.A reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Nov 7, 2026).
Does REN - Redes Energéticas Nacionais SGPS S.A pay a dividend?
REN - Redes Energéticas Nacionais SGPS S.A currently shows a dividend yield of 4.33% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of REN - Redes Energéticas Nacionais SGPS S.A (RENE) and when is the ex-dividend date?
REN - Redes Energéticas Nacionais SGPS S.A pays a dividend of €0.157 per share a year, a dividend yield of 4.3%. The last ex-dividend date was May 8, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 56.1% of earnings. Free cash flow covers the dividend 1.53 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
For today's price to be fair in a discounted-cash-flow model, REN - Redes Energéticas Nacionais SGPS S.A would have to grow free cash flow by +17.5 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of RENE use?
Our models discount REN - Redes Energéticas Nacionais SGPS S.A at 9.7 %: a base by market capitalisation (mid), damped by beta 0.25, country premium for Portugal. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For REN - Redes Energéticas Nacionais SGPS S.A that is +17.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has REN - Redes Energéticas Nacionais SGPS S.A (RENE) delivered so far?
Over the past 5 years revenue at REN - Redes Energéticas Nacionais SGPS S.A grew +7.7 % a year. The price currently implies free-cash-flow growth of +17.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of REN - Redes Energéticas Nacionais SGPS S.A (RENE) growing?
The median revenue growth in the sector is +4.5 % a year. That is the yardstick for the growth priced into REN - Redes Energéticas Nacionais SGPS S.A (+17.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The free-cash-flow yield on the price is 6.62 %: that much free cash flow REN - Redes Energéticas Nacionais SGPS S.A produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For REN - Redes Energéticas Nacionais SGPS S.A it is €1.70 per share (as of Nov 7, 2026), against a price of €3.63. It is the blended result of 21 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is REN - Redes Energéticas Nacionais SGPS S.A stock overvalued or undervalued in 2026?
As of Nov 7, 2026, RENE trades above its calculated fair value: price €3.63, fair value €1.70, a gap of about −53% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RENE?
No. The price is what the market pays today (€3.63); the fair value is what the company's own numbers justify (€1.70). For REN - Redes Energéticas Nacionais SGPS S.A the two are €1.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is REN - Redes Energéticas Nacionais SGPS S.A worth?
The market values REN - Redes Energéticas Nacionais SGPS S.A at about €2.4B (market capitalisation, as of Nov 7, 2026). Per share that is €3.63; our models calculate a fair value of €1.70 per share.
What do the bullish and bearish scenarios say about RENE?
Our models span a range for REN - Redes Energéticas Nacionais SGPS S.A: cautious scenario €1.36, base €1.70, optimistic €3.38 per share (as of Nov 7, 2026, price €3.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RENE?
REN - Redes Energéticas Nacionais SGPS S.A trades at a price-to-earnings ratio of 12.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €1.70 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 14.0. Other multiples: PEG 10.1, P/B 1.6, P/S 2.2, EV/EBITDA 7.7.
What is the PEG ratio of RENE?
The PEG ratio of REN - Redes Energéticas Nacionais SGPS S.A is 10.08 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Balance-sheet figures for REN - Redes Energéticas Nacionais SGPS S.A (as of Nov 7, 2026): return on equity 12.4%, debt of 1.00 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is RENE from its 52-week high?
REN - Redes Energéticas Nacionais SGPS S.A trades at €3.63, about 5% below its 52-week high of €3.83 and 18% above the low of €3.08 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €1.70 is for.
Which stocks are comparable to REN - Redes Energéticas Nacionais SGPS S.A?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, E.ON SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is REN - Redes Energéticas Nacionais SGPS S.A stock attractive at the current price?
The data as of Nov 7, 2026: price €3.63, calculated fair value €1.70 (−53%), Quality Score 52/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RENE calculated?
We run REN - Redes Energéticas Nacionais SGPS S.A through 21 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €1.70 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. REN - Redes Energéticas Nacionais SGPS S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The closing price on Nov 6, 2026 was €3.63. Our model-based fair value is €1.70, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with REN - Redes Energéticas Nacionais SGPS S.A right now?
The price sits above even our optimistic bull case (€3.38). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€1.36 to €3.38) leaves room in how you read the outcome.
Key figures of REN - Redes Energéticas Nacionais SGPS S.A
How large is the market capitalisation of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The market capitalisation of REN - Redes Energéticas Nacionais SGPS S.A is €2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The price-to-sales ratio of REN - Redes Energéticas Nacionais SGPS S.A is 2.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Earnings per share at REN - Redes Energéticas Nacionais SGPS S.A are €0.2800 (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The dividend yield of REN - Redes Energéticas Nacionais SGPS S.A is 4.3% (payout 56.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The net margin of REN - Redes Energéticas Nacionais SGPS S.A is 16.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The return on equity (ROE) of REN - Redes Energéticas Nacionais SGPS S.A is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
On an EBIT basis the return on assets of REN - Redes Energéticas Nacionais SGPS S.A is 4.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
The operating margin of REN - Redes Energéticas Nacionais SGPS S.A is 22.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Revenue at REN - Redes Energéticas Nacionais SGPS S.A is growing +23.2% versus a year earlier (3y avg +10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at REN - Redes Energéticas Nacionais SGPS S.A (RENE)?
Earnings per share at REN - Redes Energéticas Nacionais SGPS S.A are growing +12.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does REN - Redes Energéticas Nacionais SGPS S.A (RENE) carry?
The net debt of REN - Redes Energéticas Nacionais SGPS S.A is €2.5B (fiscal year 2025, ≈ 15.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026