Bankinter S.A. - Saeta Yield SA (A14NV1) Saeta Yield: 9M17 results are positive, with the RECAFD exceeding the year target

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Bankinter S.A.

Pedro Echeguren

Saeta Yield: 9M17 results are positive, with the RECAFD exceeding the year target

Higher pool prices drive sales growth
Positive surprises on the RECAFD
Cash for acquisitions
Third interim DPS announced €0.19 (+0.5%)
Our Buy recommendation is unchanged
Our Buy recommendation and target price of €12.65 are unchanged.
Conference call 8-Nov, 12:00 CET

08/11/2017 7 EN

Underlying

Saeta Yield SA

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.

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ES0105058004 Spain

Provider

Bankinter S.A.

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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Analysts

Pedro Echeguren

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Saeta Yield: 9M17 results are positive, with the RECAFD exceeding the year target

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

proxy report 27/06/2018

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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