Bankinter S.A. - Saeta Yield SA (A14NV1) 1Q 2017 results show a strong CAFD

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Bankinter S.A.

EUR 100.00 For Business Accounts Only

1Q 2017 results show a strong CAFD

While the operating performance was affected by a blizzard that rendered 12% of capacity inoperative for most of the quarter, the results excluding this one-off are attractive. Generation declined –25% to 319 GWh (we expected 378 GWh), sales increased +42% driven by a +81% hike in pool prices and generation from the CSP plants acquired in Mar. 2016. EBITDA increased +40%, EBIT +59% and the net profit went from –€1.3mn in 1Q16 to +€1.3mn in 1Q17.

Recurrent CAFD generated in 1Q17 is 68% of the full year’s dividend estimate. This was indeed the most positive surprise from the results. It increased +10% to €42mn from a year ago. We were expecting €30mn. The difference lies primarily in (1) lower than expected EBITDA (blame the blizzard) and (2) a +€10mn contribution from the OWC, we expected this would detract –€2.5mn as higher sales would require additional OWC. There are no extra items in the 1Q17 CAFD.

Our Buy recommendation and target price of €11.70 per share are unchanged.

10/05/2017 4 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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