Bankinter S.A. - Saeta Yield SA (A14NV1) Closes the acquisition of CarapÃ© and changes payout strategy

Report

Bankinter S.A.

EUR 100.00 For Business Accounts Only

Closes the acquisition of CarapÃ© and changes payout strategy

Saeta announced it has closed the already announced acquisition of Carapé I & II, a 95 MW wind farm in Uruguay for an EV of US$230mn (US$65mn for the equity). Manchasol 2 is being refinanced with a longer tenor and cheaper debt.

The payout system changes from a fixed 90% of RECAFD to a 80-95% range. The 2017 DPS is being increased by a mere 1% against a 12% increase in the RECAFD. This may be seen as a negative by some, we value this move positively as it may well be in preparation of an equity increase that will fund new acquisitions. The payout should be restored when new assets are acquired.

Saeta is our favourite stock of the RAB listed Spanish companies (with Enagás and Red Eléctrica). We are to calculate the net effect of the announced changes to our €11.70 target price and announce it shortly. Our Buy recommendation is unchanged.

29/05/2017 3 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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