Acciona Energia : 9M25 trading statement en ligne, mais objectifs 2025 abaissés

Wepa : Wepa prices new 2032 SSNs and upsizes to EUR 500m

Wepa priced its new 2032 SSNs and upsized the issuance to EUR 500m from initially EUR 400m. The reason for this likely reflects the capex need for strategic projects in the UK, which will require elevated capex spending. The final pricing at a yield of 4.5% is below what we deemed attractive (minimum 4.75%). However, the robust business model and the potential to generate material levered free cash flow make Wepa maybe still attractive for some investors, despite the adj. EBITDA margin normalisation. Our Credit Opinion is Stable. Except for the elevated capex spending in FY 25 and FY 26, whi...

Wepa : Wepa prices new 2032 SSNs and upsizes to EUR 500m

Wepa priced its new 2032 SSNs and upsized the issuance to EUR 500m from initially EUR 400m. The reason for this likely reflects the capex need for strategic projects in the UK, which will require elevated capex spending. The final pricing at a yield of 4.5% is below what we deemed attractive (minimum 4.75%). However, the robust business model and the potential to generate material levered free cash flow make Wepa maybe still attractive for some investors, despite the adj. EBITDA margin normalisation. Our Credit Opinion is Stable. Except for the elevated capex spending in FY 25 and FY 26, whi...