Daily Brief Utilities: Rubis SCA and more

Rubis is a diversified energy distributor operating across more than 40 countries and three continents. Its flexible and agile business model allows it to absorb most of the commodity price volatility, benefiting from relatively stable gross margins across cycles. While energy distribution remains at the core of its operations, the recent expansion into solar power will see a growing earnings contribution from renewables, providing additional diversification and margin stability. We value Rubis at €37.4/share using a DCF approach. The shares trade at 2025e EV/EBITDA of 6.1x, yielding 7%.

Rubis is a diversified energy distributor operating across more than 40 countries and three continents. Its flexible and agile business model allows it to absorb most of the commodity price volatility, benefiting from relatively stable gross margins across cycles. While energy distribution remains at the core of its operations, the recent expansion into solar power will see a growing earnings contribution from renewables, providing additional diversification and margin stability. We value Rubis at €37.4/share using a DCF approach. The shares trade at 2025e EV/EBITDA of 6.1x, yielding 7%.