2016 Results preview
For 12M16e, we expect +23% increase in generation to 1,684 GWh with growth primarily being driven by the acquisition of two CSP plants. We expect sales +34%, EBITDA +26%, –2% for the EBIT (20% excluding positive impairments accounted in 2015), +53% PBT. Reported net profit should increase 54% to €43mn. We expect CAFD to decline –42% to €43mn but this will have no effect on the dividend that increased +7% in 2016.
In the last 12 months, Saeta outperformed the other two RAB listed companies in Spain: REE by 12.7% and Enagás by 17.5%. Saeta enjoys a superior remuneration to the other two with a 10-year bond + 300bps, compared to REE’s 10-year bond +200 bps and Enagás’ 10-year bond +50 bps. We see Saeta as being the better protected of this trio of companies from potential future hikes in interest rates.
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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