ACCIONA / ACCIONA ENERGÍA: AN OPPORTUNITY AFTER THE CORRECTION (ANÁLISIS BANCO SABADELL)
An opportunity after the correction. ANE and ANA BUY (from SELL).Following the FY2022 earnings release, we cut our estimates for installed capacity’25e to 18.9 GW (vs. 20 GW previously and ANE’s target), while taking a more positive stance on Infra (+47% in EBITDA’23e vs. previously), which (together with other factors) leads us to set a new T.P. of € 39.80/sh. for ANE (-4% vs. previously) and € 216.74/sh. for ANA (+6% vs. previously), which yield +15% and +22% upside, respectively, and thus, we maintain our BUY recommendation for ANE and upgrade that for ANA to BUY (from SELL, previously). Thus, the correction seen in both share prices from August’22 highs (-21% ANE and -15% ANA) provides a new opportunity to invest in both, which, due to their quality, are stocks to be taken into account in a well-diversified portfolio. In the last year, ANA has traded at a -10% discount on average vs. its theoretical value (based on the ANE and Nordex share prices). Since the discount is currently -7%, if we only look for exposure to renewables, we would invest directly through ANE.
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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