Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACCIONA SA. We currently have 4 research reports from 1 professional analysts.
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Acciona: guidance reiterated, the worse is behind!
07 Nov 16
Key information (9m figures): • Revenue decreased by 12.6%. • EBITDA decreased by 4.8% in 9m vs an 8.4% decrease in H1. EBITDA in line with consensus. • Ordinary EBT decreased by 22.3% over the 9m period vs a 43.2% decrease in H1. • Ordinary net result decreased by 30.1% over the 9m period.
H1 results and thorough review of regulation, buy reiterated
12 Aug 16
Key information (January-June 2016): • Revenue down by 16.3%, due notably to the deconsolidation of AWP. • EBITDA down by 8.4% as a result of a 21.9% decrease in Energy EBITDA. • The deconsolidation of AWP (from Q2 16) and the full consolidation of the water concession (from 1 January) had roughly a zero effect on EBITDA as anticipated. • EBITDA margin increased by 160bp to 19.0%, also as a result of AWP deconsolidation. • Ordinary EBT decreased by 43.2% to €87m as a result of the 64.7% fall in Energy EBT. • EBT at €587m thanks to €500m extraordinary effects. • Cash flow from operations decreased by 18% to €198m. • Ordinary capex increased from €98m in H1 15 to €527m in H1 16. • As a result of higher capex, net debt increased by c.€300m to €5.45bn. • Construction backlog up by 28.6%. • Guidance confirmed: flattish EBITDA and a stable net debt for 2016. • Refinancing of non-recourse debt with recourse debt to boost EBT by €50m on an annual basis but increasing risk at the group level due to a change in Spanish regulation. • Thorough review of regulation pinpoints a recovery potential in 2017 and increasing risks by end of 2019. • The introduction of a carbon tax in Spain is in the realms of the possible. • Some orders in Acciona’s backlog were removed by Nordex as they were not meeting the latter’s criteria. Risk of litigation? • Latest transaction in the wind sector could imply a lower EV/MW multiple. • Annual General Meeting: authorisation to issue equity up to 50% of capital and convertible bonds.
Latest transaction multiple implies higher NAV valuation
13 May 16
Key information: • Negative surprise of 2% on the revenue side. • Revenue decreased by 7.2%. • EBITDA down by 1% at €277m in line with consensus. • EBITDA margin up by 1.2pp. • Net income at €49m versus €34m consensus, mainly thanks to exceptionals. • Electricity prices in Spain dropped by 33% compared to Q1 15. • Construction revenues decreased by 20%.
Strong performance from the Energy division, flattish EBITDA in 2016
02 Mar 16
h2. Key information: • Revenue slightly up by 0.7% to €6.5bn. • EBITDA up by 8% to €1,174m. • Ordinary EBT increases by 41.5% to €330m. • EBT increases by 15% due to lower extraordinary results in 2015. • Net profit up by 12.1% to €207m. • Dividend proposed; €2.5 per share. • Adjusted EPS of €3.77 vs consensus of €3.21, namely a positive surprise of 18%. • Guidance for 2016: flat EBITDA.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.