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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.