Corporacion Acciona Energias Renovables SA

ANE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.00	Vsblb	Zshscdb

Acciona Energia Earnings: Hit by Lower Power Prices; Shares Undervalued

Tancrede Fulop

Jul 30, 2024

We confirm our EUR 25 fair value estimate after no-moat Acciona Energia released first-half results hit by lower achieved power prices and set its 2024 guidance below our expectations, but more in line with FactSet consensus. The firm also sold hydropower assets at an attractive price, continuing its efforts to strengthen its balance sheet and crystallizing value by exploiting the discrepancy between its depressed value (in line with most renewable developers) and the high value of renewable asset sales. Shares are undervalued.

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