ACCIONA: DESCONTANDO PIPELINE HASTA 2024 (ANÃLISIS BANCO SABADELL)
Descontando pipeline hasta 2024. VENDER.La mayor visibilidad aportada por ANA en los últimos meses sobre su división de EnergÃa en cuanto al crecimiento en el corto/medio plazo (c.1.800 Mw instalados hasta 2021) y su pipeline de proyectos (~9.000 Mw a nivel global) nos lleva a incrementar estimaciones y esperamos TACC’19-24e de la capacidad instalada consolidada de un +6,5% (dejando un EBITDA’23e +14% vs anterior) subiendo nuestro P.O. un +19% hasta los 97,2 euros/acc. (EV/EBITDA’20e implÃcito de 9,6x vs 10,6x comparables). Tras el +28% de revalorización en 12 meses (~+25% vs IBEX35) el potencial que nos deja es nulo (-0,5%), por lo que mantenemos nuestra recomendación de VENDER.
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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