Acciona: 1H17 results preview
Acciona will announce its 1H17 results on Friday 28th July.
We expect sales to increase by +18% to €3,259mn and the EBITDA by +16% to €610mn. We foresee the recurrent EBIT increasing +11% to €281mn but the total EBIT to decline by –68% when including the €616mn gain from the disposal of AWP in 2Q16. We estimate a PBT of €169mn and a net profit of €103mn. We expect debt to dip very slightly in 2Q17 to €5,477mn with the NFD/EBITDA down to 4.3x (in-line with the guidance for 2017) from 4.5x in 1Q17.
We believe that the recent underperformance was triggered by negative newsflow on regulated incentives and the share price overreacted. Acciona is better protected than other renewable operators from incentive cuts, we estimate that 58% of its generation base in Spain does not receive incentives.
Our Buy recommendation and TP of €88.30 are unchanged.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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