Report
Andres Bolumburu ...
  • Rafael Bonardell
  • Virginia Romero
EUR 400.00 For Business Accounts Only

SECTOR RENOVABLES ESPAÑA: DEMODÉ ¿HASTA CUÁNDO? (ANÁLISIS BANCO SABADELL)

Hay mimbres para retomar alzas en bolsa. Mantenemos SOBREPONDERAR en IBE, ANA, ANE, ENER. Cambiamos SLR a INFRAPONDERAR.
Durante 2024 el sector ha continuado lastrado en bolsa (-20% el S&P Global Clean Energy Index, vs +20% el Ibex y el S&P Global) y cotiza a múltiplos deprimidos (16x). Gran parte de las incertidumbres han pasado a ser vientos de cola en 2024: (i) mejora de la demanda de electricidad, (ii) rebaja de los costes de instalación y (iii) la evolución a la baja de los tipos de interés, mientras que el entorno de precios también ha mejorado, la rotación de activos gana tracción y el calendario de instalación sigue su ritmo. Aunque la victoria de D.Trump en EE.UU., ha añadido incertidumbre, creemos que el riesgo estaría acotado. Con esto, creemos que sería buen momento para aumentar, de forma selectiva, exposición en el sector. Tras revisar estimaciones, mantenemos IBE (nuestra favorita por su diversificación), ANA, ANE, ENER (nuestra S&M preferida); todas ellas en SOBREPONDERAR. Contrariamente, en SLR, tras ajustar a la baja capacidad instalada, reducimos el P.O. un -40% y cambiamos a INFRAPONDERAR.
Underlyings
Acciona SA

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.

CORPORACION ACCIONA ENERGIAS RENOVABLES SA

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Solaria Energia y Medio Ambiente S.A.

Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.

Provider
Sabadell
Sabadell

Analysts
Andres Bolumburu

Rafael Bonardell

Virginia Romero

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