Acciona Renewable Energies is, in its own right, the queen of the market . It has unseated financial institutions, now suffering from the double bias of the tax for these two years and the possibility of a recession, and even Telefónica, for which the Top1 of the Ibex barely lasted one day.
Now things have changed and Acciona Energía rules with its own light on the Ibex, with annual gains of 33.29%, and just over 13% extra since it arrived in the selective on July 20 in a dazzling way. And since it began trading on the stock market, with its debut in the lower band of the valuation range, at 26.73 euros per share, it has already risen to its historical maximum, which it now presents, by 62%.
All this with a guarantee of up to eight consecutive sessions on the rise , in which it has reaped global advances of 12.5%.
Much of it is due to its good results in which Acciona Energy earned 390 million in the first half of the year, 155.5% more than in the same period of the previous year. With a sales figure that improves by 112%, due to the high prices of electricity. On the other hand, Renta 4 indicates the cut in its installed capacity guide for this year to 11,785 MW from the previous 12,000.
For María Mira, fundamental analyst of Investment Strategies, the comparison between Acciona and its subsidiary and “in a valuation by multiples, with EPS estimated for the end of 2022 of €8.29/share, the market valuation for Acciona’s securities it seems adjusted. The Group trades with a PER of 24.2v, compared to an average in the last three years of 18.5v for this ratio and with an EPS growth forecast of 12.5%, which does not justify such an adjusted PER. Its Energy subsidiary is listed at a similar PER multiple, but with EPS growth estimates of +47.7%, which places its PEG ratio at clearly undervalued levels”.
It also adds that “ the market pays 2.6 times the 2022e book value for the parent company, higher than its historical average of around 1.77v and in line with Acciona Energy’s ratio over equity. Also adjusted EV/EBITDA multiple, at 9.7v, vs 8.5v in the last three years for Acciona and 11.7v for Acciona Energía. The return on dividend-yield, at the prices of this report, is around 2% for Acciona and around 1% for its subsidiary. Synthesis of positive valuation for Acciona Renewable Energies, with a medium/long-term investment horizon”.
José Luis Herrera, an analyst at Big, considers that in the case of Acciona Energía “ we have had this almost perfect channeling since March 2022 . However, we must watch any cut: it should not lose the 34.90 area and in the very short term we would have a closer support at 40.42. In any case, the fact that it is going to break out of this channel is not going to make it more bullish either. It would be necessary to monitor possible cuts to verify that it does not perforate the current trend. Also monitor any support, any support that he made in the area of 35.70”.
And he adds that “it looks good from a technical point of view, always with the prudence that in the short term we see how the oscillator is showing a strong overbought situation that could lead to taking profits.”