Acciona Energy It earns integers among analysts after offering its results until September and maintaining the objectives for the rest of the year.
Acciona’s renewables subsidiary has received a wave of purchase recommendations in just one week after the presentation of its quarterly accounts.
To such an extent that the company already exceeds its parent company with 90 percent of the analysts in favor of taking positions against the 68 percent of Acciona, according to the consensus consulted by finance.com.
Capacity increases 7%
Acciona Energía highlighted in its results report that financial evolution “continues to be solid” after the first nine months of the year.
The group’s total capacity increased in this period by 7 percent, or what is the same, by more than 500 megawatts (MW). Total, already exceeds 11.2 gigawatts (GW) at the end of the quarter.
The company also maintained its growth target for the gross operating profit (EBITDA) that it will obtain at the end of the year, which will be at least 15 percent compared to 2020.
Thus, Acciona Energía reiterated that the evolution of its businesses allows it to be optimistic in order to comply with its roadmap until 2025, which is to achieve an installed capacity of 20 GW for that year.
“It has an ambitious growth plan for the coming years”, they highlight at Bankinter.
“As a pure renewable operator, it will seek to maximize its growth potential, with an unrestricted balance sheet and with access to a more efficient cost of capital,” say the bank’s analysts, who maintained their buy recommendation on the shares.
Potential of 17% after its debut on the stock market
Acciona Energía’s accounts were also boosted by the successful debut of the company, which has been listed on the stock exchange since last July. In these months, its shares have risen about 10 percent to the 30.20 that it now marks.
The operation generated 1.5 billion in gross income, and the company explained that this served to reduce leverage and increase its financial muscle for investments.
The Acciona subsidiary has won over the domestic market. Banco Sabadell and Alantra also bet on the purchase in the last week, and produced target prices of 33.50 and 38.40 euros respectively.
The Italian bank Intesa Sanpaolo and french Societe Generale They did the same, although they lowered their estimates to a range of between 32 and 35 euros.
According to the consensus consulted by finanzas.com, the potential for revaluation is after the results higher than 17 percent, which would bring the shares up to 36.04 euros.
More striking figures when compared with those of its parent company, Acciona, to which the consensus only gives it the potential to add 4 percent. However, the group recently reached its all-time highs at 167 euros, a level that it would recover according to panel estimates.
The risk of regulatory impact
Acciona Energía’s potential does not go unnoticed on Wall Street. The broker Stifel raised its buy bet to a target price of € 37, while Morgan Stanley He took advantage of the results to take positions in the company and set the 35 euros target.
However, the regulatory modifications applied by the Spanish Government appear as one of the few risks that analysts observe at Acciona Energía.
“The Spanish electricity system is currently going through a period of high regulatory instability that could affect its results for both the current year and the next in terms of profitability and cash generation,” explained JP Morgan.
“The company also warns of the uncertainty about Spanish regulation, and establishes that the impact of the recovery of the tax on hydrocarbons should be 77 million compared to the 25 million reserved in the first semester,” the analysts detail.
Although it could have an impact on the accounts, JP Morgan rules out that the regulation affects the company’s shares.