ACCIONA / ACCIONA ENERGÍA: TWO WAYS TO PLAY RENEWABLES (ANÁLISIS BANCO SABADELL)
Two ways to play renewables. BUY/BUY.The recent IPO of 17% of ANE by ANA (its parent company with 83% of the capital after the IPO) provided its subsidiary with a financial structure (2.4x NFD/EBITDA’21e) that (i) will allow it to finance its growth targets (20GW operating in 2025 and >30GW in 2030 vs. 10.7GW in 2020) while (ii) reducing the cost of capital and therefore maximize the value of the group’s renewable business (75% of ANA’s EBITDA’21e and 81% of EV). We initiate coverage of ANE with a € 33.50/sh. T.P. (+12% upside) and BUY recommendation. The implicit multiples of our T.P. are 11.5x and 23.6x EV/EBITDA’23e and P/E’23e vs. 14.6x and 37.1x for the sector and 13.4x and 34.6x for its main peer EDPR. Based on our estimates and valuation of ANE, we resume coverage of ANA with a € 180.90/sh. T.P. (+13% upside) and BUY recommendation. ANA would currently be trading at a slight discount vs. ANE (-3%).
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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