ACCIONA / ACCIONA ENERGÍA: DOS ALTERNATIVAS PARA JUGAR RENOVABLES (ANÁLISIS BANCO SABADELL)
Dos alternativas para jugar renovables. COMPRAR/COMPRARLa reciente OPV de un 17% de ANE (ANA aún controla un 83%) la dota de una estructura financiera (2,4x DFN/EBITDA’21e) que (i) le permitirá financiar sus objetivos de crecimiento (20 Gw operativos en 2025 y >30 Gw en 2030 vs 10,7 Gw en 2020) a la vez que (ii) reduce el coste de capital, poniendo en valor el negocio de renovables del grupo (75% del EBITDA’21e de ANA y 81% del EV). Iniciamos cobertura de ANE con un P.O. 33,50 euros/acc. (+25% potencial) y recomendación de COMPRAR. Los múltiplos implícitos de nuestro P.O. son 11,5x y 23,6x en términos de EV/EBITDA’23e y PER’23e vs 12,2x y 30,9x de su principal comprable EDPR. En base a nuestras estimaciones y valoración de ANE, retomamos la cobertura de ANA con un P.O. de 180,90 euros/acc. (+30% potencial) y recomendación de COMPRAR. Actualmente, ANA cotizaría con cierto descuento vs ANE (-5%).
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
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