1Q 2017 results preview
Saeta Yield will report its 1Q17 results on 10th March before the market opening, followed by a conference call on 11th March at 12:00h CET.
For 1Q17e, we expect a –11% decline in generation to 241 GWh. The best news is the recovery in electricity prices, +115% from 1Q16. We expect a +47% increase in sales to €73mn, primarily driven by higher pool prices. We estimate the EBITDA to increase at the same pace as sales, +76% for the EBIT, and PBT and the net profit to turn into the black (€4.0mn and €3.0mn, respectively) from last year’s losses, while CAFD should decline –35% to €30mn but this will comfortably allow to pay dividends that we expect the dividend to be unchanged from a year ago.
Our Buy recommendation and €11.70 target price are unchanged.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.