ACCIONA: FY2020 RESULTS, LISTING CONFIRMED, AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BANCO SABADELL)
4Q'20 vs. 4Q'19 ResultsEBITDA: €381 M (-17,2% vs -13,7% BS(e) y -17,9% consensus);
EBIT: €280 M (+10,2% vs -11,2% BS(e) y -11,4% consensus);
Net Profit: €302 M (+123,7% vs -13,6% BS(e) y -14,1% consensus).
FY2020 vs. FY2019 Results
EBITDA: €1.124 M (-21,7% vs -20,6% BS(e) y -21,9% consensus);
EBIT: €616 M (-20,8% vs -27,8% BS(e) y -27,9% consensus);
Net Profit: €380 M (+9,0% vs -44,5% BS(e) y -44,7% consensus).
Although the FY2020 results were in line with expectations in EBITDA (+3.9% vs. BS(e) and +3.4% vs. the consensus) and better in NFD (€-350 M vs. adjusted BS(e) and €-550 M vs. the consensus), the main highlight from the presentation was the confirmation of the company’s intention to list its Renewables division (which the market priced in yesterday with a +11% rise), and how this would impact on the company’s growth rates. Net Profit came in at € 380 M, which means a +9% increase vs. 2019, far above our estimates and those of the consensus (€ 194 M vs. BS(e) and € 193 M consensus) due to one-offs linked to the recovery of an impairment in Nordex from 2017 (€+145 M), without an impact on cash, and the capital gains from the sale of two assets of the concessions package sold in 2020 (€+79 M), which were not broken down and are not included in our estimates.
NFD was reduced by €~676 M vs. Dec’19 (-11%) to € 4.73 Bn (including IFRS16), above expectations (€ 5.34 Bn BS(e) due mainly to better working capital performance (€+207 M vs. €+40 M BS(e)), lower CAPEX (€-526 M vs. €-716 M BS(e) and the reclassification to Assets held for sale of a concessional asset in Australia (€ 260 M) linked to the Sydney Light Rail, which was unexpected. Excluding this impact, the improvement vs. our estimate would be € 350 M. The NFD/EBITDA ratio of the past 12 months stands at 4.2x (vs. 4.7x BS(e) and the company’s guidance of
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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