Jefferies has initiated equity research coverage on Elia Group, a European electricity transmission operator with regulated operations in Belgium and Germany. The brokerage highlighted the company's stable, regulated revenue streams, which accounted for 98% of its fiscal 2024 EBITDA. Elia operates over 19,000 kilometers of high-voltage infrastructure, serving about 30 million end-users.

Elia's growth is underpinned by significant investment in its regulated asset base. The Belgian unit's regulated assets are projected to grow from €6.9 billion in 2024 to €16.9 billion by 2030. This expansion drives EBITDA forecasts, with the Belgian business expected to generate €1.49 billion by 2030, up from €596 million in 2024.

Despite the growth outlook, Jefferies noted valuation metrics and risks. Elia's 2026 EV/EBITDA multiple of 11.7x is near the peer median. The report flags regulatory and permitting risks in its core markets. The company's largest shareholder is NextGrid Holding, with a 44.8% stake.