Acciona used to be a pure construction company more than a decade ago but it now has the profile of a Spanish renewables player in electricity generation from windmills (60% in Spain). Note that the Energy division accounts for 70% of our NAV. Reported EBITDA increased by a mere 1.2% over 9m18 vs a 6.7% increase in H1 18. Following this earnings release, we expect to cut our EBITDA forecast slightly but to keep our Buy recommendation with a lower target price.
16 Nov 2018
9m18: solid performance in lfl EBITDA, net debt decreased significantly
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9m18: solid performance in lfl EBITDA, net debt decreased significantly
Acciona SA (ANA:WBO) | 0 0 1.1% | Mkt Cap: 3,872m
- Published:
16 Nov 2018 -
Author:
Felix Brunotte -
Pages:
3
Acciona used to be a pure construction company more than a decade ago but it now has the profile of a Spanish renewables player in electricity generation from windmills (60% in Spain). Note that the Energy division accounts for 70% of our NAV. Reported EBITDA increased by a mere 1.2% over 9m18 vs a 6.7% increase in H1 18. Following this earnings release, we expect to cut our EBITDA forecast slightly but to keep our Buy recommendation with a lower target price.