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.
Frequency of research reports
Research reports on
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
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.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals