Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACCIONA SA. We currently have 5 research reports from 1 professional analysts.
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High double-digit growth in the bottom line expected in 2017
02 Mar 17
Key information: • Revenue decreased by 8.7%. • EBITDA increased by 1.5%. • EBITDA margin stood at 19.9%, 200bp higher than in FY2015. • Ordinary EBT decreased by 5.3%. • Ordinary attributable net profit decreased by 29.6%. • Construction backlog increased by 21%. • Net debt/EBITDA decreased to 4.3x vs 4.4x in 2015. • Proposed dividend of €2.875 per share, up by 15%.
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017