ACCIONA: PIPELINE THROUGH 2024 PRICED IN (ANÃLISIS BANCO SABADELL)
Pipeline through 2024 priced In. SELL.The greater visibility provided by ANA in the past few months on its Energy division as regards short- and medium-term growth (with ~1,800 MW to be installed through 2021) and its project pipeline (~9.000 MW globally) has allowed us to price in to our estimates and valuation a CAGR’19e-24e of +6.5% in consolidated installed capacity (leaving EBITDA’23e +14% vs. previous level), which added to other factors with a lesser impact leads us to raise our T.P. by +19% to € 97.20/sh. (implied EV/EBITDA’20e of 9.6x vs. 10.6x for its peers). Following the +28% rally from the past 12 months (~+25% vs. IBEX35), we see no upside potential (-0.5%), and thus we maintain our SELL recommendation.
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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