ACCIONA ENERGY It goes with a 10.5% discount

Cristina Cándido

Acciona Energía debuta este jueves en bolsa.The company has set the price of its OPV at 26.73 euros per share, the lowest of the band.The stock market premiere of the renewable subsidiary will be the third of 2021 after the direct line debuts in April and Ecoener in May.

Este precio de salida supone, por un lado, que la nueva cotizada parta con una capitalización de 8.800 million de euros, frente a los 7.000 million that is worth its matrix, and is located in the 21st position for the size of the Spanish stock market, between IAG and Red Eléctrica.

For investors, debut in the low price of the range is an assessment in terms of EV/EBITDA (the value including the debt, against the gross benefit) of 14.7 times, which represents a 10.5%discount, frontto the multiples to those who quote its main comparable ones (the Danish Orsted, the Portuguese Edpr and the French Neoen), which quote an average of 16.5 times.

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Financial sources indicate that the reduction of the orientative price band that communicated two weeks ago and limit the OPV to 15% of the company, compared to the planned 25-30%, are aimed at touring the action and giving entry to investors withVocation of permanence in the company in an unfavorable context for renewable.

Acciona Energía sale a bolsa con un descuento del 10,5%

The experts have been repeating in recent months that the case of acting energy is different, with an expertise endorsed by a large park already in operation, 10.7GW of installed capacity, a mature portfolio of projects and a marketing capacity that provides a greaterVisibility on group growth.

"ACCION has managed to manage technological innovation and the output of those non -profitable technologies, with an eye on the future: the hybridization of renewables, storage and green hydrogen are in their spotlight, but a regulatory impulse that ends fromEach each of these technologies, "warns Susana Felpeto, Deatl Capital.

However, "the weak demand has led to act to reduce its ambitions in the stock debut of its renewable subsidiary.When the operation between February and March of this year was launched, a value range of between 10 was considered.000 and 12.000 million euros.In early June a range of between 8 was set.800 and 9.800 million.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.