2016 Results: No surprises
The 2016 results are in-line with our forecasts. The recurrent Cash Available For Distribution (CAFD) slipped on a combination of low pool prices in the first nine months (recovered strongly in 4Q16 and 1Q17) that left the cash flow from operations flat and higher tax advances (to be recovered in 2017).
Our outlook for 2017e considers higher pool prices, somehow higher regulated returns and a €0.05-0.07 hike in the DPS stemming from the contribution of the wind assets that the company announced would be acquired in 1H2017.
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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