ACCIONA: 9M’20 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'20 vs. 3Q'19 ResultsSales: € 1.512 Bn (-11.9% vs. -14.8% expected and -10.8% expected by the market consensus);
EBITDA: € 261.0 M (-4.7% vs. -15.1% expected and -13.9% expected by the market consensus);
EBIT: € 108.0 M (-11.5% vs. -26.8% expected and -14.8% expected by the market consensus);
Net Profit: € 56.0 M (-3.4% vs. -75.3% expected and -56.9% expected by the market consensus).
9M'20 vs. 9M'19 Results
Sales: € 4.554 Bn (-13.9% vs. -14.8% expected and -13.5% expected by the market consensus);
EBITDA: € 760.0 M (-18.5% vs. -21.6% expected and -21.2% expected by the market consensus);
EBIT: € 337.0 M (-26.9% vs. -31.0% expected and -27.8% expected by the market consensus);
Net Profit: € 78.0 M (-63.4% vs. -83.0% expected and -77.9% expected by the market consensus).
At the closing bell the company released 9M’20 results that beat expectations in EBITDA (+3.9% vs. BS(e) and +3.4% vs. consensus; not very representative) and in NFD (€ -250 M vs. BS(e)). However, the presentation suggests that EBITDA’20 will come in below the -15% previous reference (-17% BS(e) and consensus). On the positive side, visibility has risen on the calendar for new installations (going from 1,328 MW to begin construction in 2020-21 previously to 3,565 MW). Despite the fact that implicitly there is a larger drop in EBITDA’20 than expected, we think the better results and the higher visibility on new installations could offset a negative reaction on the market. ANA has beaten the IBEX by +10% since February highs (pre-Covid). Conference call at 10:00 (CET). SELL. Target Price: € 90.30/sh (-2.69% potential).
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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