September 25, 2021
Acciona Energía Goes Public With A Discount Of 10.5%

Acciona Energía Goes Public With A Discount Of 10.5%

Acciona Energía debuts this Thursday on the stock market. The company has set the price of its IPO at 26.73 euros per share, the lowest in the band. The market premiere of the renewables subsidiary will be the third in 2021 after the debuts of Línea Directa in April and that of Ecoener in May.

This starting price implies, on the one hand, that the new listed company starts with a capitalization of 8,800 million euros, compared to the 7,000 million that its parent company is worth, and is ranked 21 by size of the Spanish stock market, among IAG and Red Eléctrica.

For investors, debuting at the lower price of the range implies a valuation in terms of EV / ebitda (the value including debt, against gross profit) of 14.7 times, which represents a discount of 10.5%, compared to to the multiples at which its main comparables (the Danish Orsted, the Portuguese EDPR and the French Neoen) trade, which trade at an average of 16.5 times.

Financial sources indicate that the reduction of the guideline price band that it communicated two weeks ago and limiting the IPO to 15% of the company, compared to the 25-30% expected, are intended to give a route to the action and give entry to investors with vocation of permanence in the company in an unfavorable context for renewables, with double-digit losses in 2021 and the canceled plans of Capital Energy and Opdenergy to go on the market.

Experts have been repeating in recent months that the case of Acciona Energía is different, with an expertise backed by a large park already in operation, 10.7GW of installed capacity, a mature portfolio of projects and a commercialization capacity that provides greater visibility on the growth of the group.

“Acciona has managed to manage technological innovation and the exit of those unprofitable technologies, with an eye to the future: the hybridization of renewables, storage and green hydrogen are in its sights, but there is a lack of regulatory momentum to end establish each of these technologies “, warns Susana Felpeto, from atl Capital.

However, “weak demand has led Acciona to lower its ambitions in the stock market debut of its renewable energy subsidiary. When the operation was launched between February and March of this year, a value range of between 10,000 and 12,000 million euros.

At the beginning of June a range of between 8,800 and 9,800 million was set. The evolution of the placement book has led to placing the final value in the lower part of the range “, they point out from Bankinter.

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