Acciona Energía knocks on the doors of the 'Top 10' for the first time

Seven months after its IPO, Acciona Energas Renovables has fully entered the radar of the portfolio of the Top 10 by Ecotrader Fundamentals, which it could enter next week if it maintains the advice that the experts give it right now. . So much so that 91% of analysis houses (20 of 22) that collects Bloomberg They suggest taking positions while none recommends undoing them.

“We believe that Acciona Energa is very well positioned for an acceleration of growth, with the objective of doubling the gross capacity to 20GW in 2025. We see that the company can meet this objective without jeopardizing compliance with the differential of 200-300 WACC Basis Points [el indicador que permite saber si la empresa est siendo eficiente en capital] and we expect a rise in stocks even if we only assume 200 basis points of value creation, “say analysts at JP Morgan.

In the park, from its IPO to the end of the year, its shares they appreciated almost 22%, marking highs above 32 euros per share. However, since then, it has yielded just over 11% to trade at minimums not seen since October, below 29 euros.

2021 will be the first year to close as a listed company after the divestiture, and analysts expect it to reach a net profit of 352 million. Looking ahead to this year, the consensus foresees an increase in earnings of 23%, to 435 million euros. For the following year the forecast is an additional 3%. This makes it trade at a PER times that the profit is collected in the share price higher than that of its parent company, which is 20 times, but lower than that of its comparables such as EDP Renovaveis, Orsted or Neoen.

Termina el ‘lock up’

On January 1, the lock up, or blackout period in which the parent company of Acciona could not sell more shares of the subsidiary. From now on, therefore, you can sell up to 8% ms before reaching the 25% that was marked as the maximum objective coinciding with its IPO.

At closing prices on Tuesday, an eventual additional placement could add some 785 million euros to the company’s coffers, also increasing the free-float. However, market sources discard, for the moment, this operation since the company no need for further financing short-term and can afford to wait for an even better market time to do so.

In fact, the consensus of analysts that Bloomberg collects maintains that the value is very undervalued in the park. On average, its target price stands at 36.5 euros, which implies a upward travel of 26% from current levels for the next 12 months.

“Although, initially, the possibility of this additional placement could weigh somewhat on Acciona Energa, we understand that in the long term It will be positive for subsidiary and parent company to the extent that it would facilitate the entry of the first in the Ibex and the second to obtain additional liquidity, “they explain from Banco Sabadell.” However, right now the price of Acciona fully reflects that of its subsidiary, according to our assessment, “they add.

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