Saeta Yield: Acquires 144 MW of wind assets in Portugal
- Reaches an agreement to acquire a ROFO from ACS with 144 MW of wind plants in Portugal
- The metrics compare favourably with Saeta’s Spanish wind assets
- We expect the debt to be refinancing and the tenor increased, this is another positive
- A few numbers on the back of an envelope: target price is set to increase
A €2mn increase in dividends per year between 2018e and 2033e tentatively push our target price up to €12.65, from €12.39. We need some confirmation on this basic calculation, the financials will be given at the closing and will be able to confirm our new numbers. We value positively this acquisition that demonstrates Saeta’s business model and equity story and reinforces our Buy recommendation.
Saeta Yield SA is a Spain-based company engaged in the utility industry. The Company specializes in the production of energy from renewable sources. Its business activities are divided into two segments: Solar thermal plants and Wind farms. The Solar thermal plants segment comprises solar energy generation installations in Spain. The Wind farms sector is responsible for the operation of a range of wind farms located in various countries, including Spain, Uruguay and Portugal. It cooperates with Actividades de Construccion y Servicios SA (ACS). Furthermore, the Company is a parent of a number of entities, such as Extresol 1 SL, Al-Andalus Wind Power SL, Parque Eolico Valcaire SL, which are active within the energy production sector.
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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