Corporacion Acciona Energias Renovables SA

ANE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€59.00	Psdxj	Flvdqsp

Acciona Energia Earnings: Capacity Additions Cut to Protect the Balance Sheet; Shares Undervalued

Tancrede Fulop

Mar 1, 2024

We maintain our EUR 32 fair value estimate after no-moat Acciona Energia released 2023 results in line with expectations and set 2024 guidance below our estimates, but above FactSet consensus. It also cut its medium-term capacity addition targets and said it will resort to regular asset rotations. This was welcomed by the market with a high-single-digit jump in the share price at the time of writing. Shares are materially undervalued.

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