Rubis SCA Stock Overview - Updated 19 April 2024

Update 19 April 2024

Rubis stock is now trading at 32 EUR - nothing has actually changed, the business is still the same, they have sold the Terminal JV and they will get their money there, give a small dividend and keep investing. This is a boring business, the dividend now isn't 9% anymore but 6%, the rest is all there, the debt is still there, even if the solar debt is non-recourse and most likely they will spin the solar part when big enough to get a 'green' revaluation! They are an infrastructure business and they know how to have projects done and financed - I reckon only the solar will be a billion when separated from the 'ugly' part of the business. The solar is now unprofitable but so practically no value in the stock there now.

So, the value is being created, the dividend is there, the cash flows are being made, nothing wrong with it - I would say it is still a hold in a diversified portfolio - not a buy for my diversified portfolio, but around 25 I might recheck it.

Don't ask me where the stock will go - that is something that I can't know.

Rubis SCA Stock Analysis.pdf
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