Elecnor reported 9M 2023 results largely in line with the street and our expectations. Sales were driven up by robust demand for renewable energy, where Elecnor is involved in the construction of wind and solar farms in international markets. Net income improved marginally while the order backlog reduced slightly vs the H1 2023. The management reiterated the full year outlook hence the share price reaction was muted (+2.6% at the time of writing). We will incorporate the results into our model b ....
