Saturday, December 4

Detailed analysis: Acciona Energía, Grifols, ENCE and Indra


The director of equity analysis at Mirabaud Research Spain, Ignacio Méndez, pauses to analyze in detail the behavior of Acciona Energía, Global Dominion, Grifols, Ence and Indra, values ​​requested by listeners of the market closing podcast of finanzas.com.

Before the session of October 25 crumbles, marked at a macro level by the warnings from the Bank of Spain about a “significant” cut in Spain’s GDP. In addition to analyzing the possibility that the country lags behind or not in relation to its European peers, a new perspective on inflation is provided.

“We do not see it as temporary” as the central banks point out, says Méndez in conversation with the director of publications of Grupo ED – editor of finanzas.com-, Ismael García Villarejo.

Despite the fundamental context, the IBEX 35 managed to avoid the doubts generated on Monday about the economic recovery not only in Spain, but in other countries of the euro area, such as Germany.

These are the values ​​analyzed in detail:

Acciona Energía: with an exclusively renewable profile, it is the great reference in the sector, with more than 30 years of experience. Its strategic plan is to reach a target of 20 Gw installed by 2025 and an annual growth of more than 20 percent.

Recent energy price increases are unlikely to have much of an impact, unless regulatory risk increases. This factor, however, in the renewables sector is merely tangential.

Global Dominion: it is a cyclical security that will benefit from the aid, both in the industrial sector and in the renewable sector. It has double-digit growth above pre-pandemic levels and is currently trading at 4.5 times EV / ebitda.

Grifols: This is one of the strongest equity stories on the Spanish stock market which, in recent years, has been questioned by new recombinants, deteriorating margins and high debt.

These fears, except for the debt, are subsiding and with the purchase of Biotest the company will be reinforced. It is currently trading at discounts of around 30 percent compared to historical and comparable averages.

ENCE: it is particularly affected by its trajectory and by the Pontevedra disaster, which has caused the company’s share price to fall. In the worst case, Navia would trade at 4.5 times the normalized ebitda compared to eight times the industry average. Indra: will be one of the companies benefiting from recovery funds and the new European approach to security.

Indra: will be one of the companies benefiting from recovery funds and the new European approach to security.

The operating boost is twice ebit due to cost reduction and cyclical improvement, while the company continues to trade at a 15 percent discount to historical averages. According to this podcast episode, the “dome” risk has already been digested.



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