GREENALIA: UN IPP DIVERSIFICADO Y CON ACTIVOS DE CALIDAD (ANÁLISIS BANCO SABADELL)
Renovable diversificada y con activos de calidad. Iniciamos en COMPRAR, P.O. 20,80 euros/acc. (potencial +44%).GRN es un productor de generación renovable independiente (IPP), verticalmente integrado, multi tecnológico y con buen track record. Cuenta con una cartera de activos asegurados de 1.104 Mw situados en España y en EE.UU. (vs capacidad actual de 125Mw). Como ventaja destaca la calidad de sus activos (ingresos recurrentes con un alto ratio de conversión a EBITDA) que le permitirán obtener una elevada financiación sin recurso (c.70% deuda) para acometer el plan de expansión a 2024e (8,8x la capacidad instalada en 2021 y un TACC'21-25e +31% en EBITDA). Vemos los desafíos del sector manejables y, en parte, descontados. Cotiza 16,6x EV/EBITDA’22e vs sector 13,3x.
Greenalia SA is a Spain-based holding company (the Group) active in the forestry and energy sectors. It specializes in the purchase and sale, import, export, manufacture and general processing of all types of wood, as well as its transport. The Group develops its activities in five business lines: Electric power, Thermal energy, Industrial, Logistics and Forestry. Its Electric power activities are concentrated on renewable technologies, utilizing biomass and wind power. Thermal energy activities include thermal power production (heating and cooling) using biofuels (pellets and dry woodchips), which are produced by the Industrial division. The Logistics division covers the Group's logistic and export needs, including storage, stowage, transportation, customs and shipping agency, as well as delivers services to third parties. The Group's Forestry activities include forest mensuration and assessment, certification, logging and transport, as well as commercialization of forest products.
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