Atlantica Sustainable Infrastructure plc

NasdaqGS:AY Lagerbericht

Marktkapitalisierung: US$2.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Atlantica Sustainable Infrastructure Vergangene Ertragsentwicklung

Vergangenheit Kriterienprüfungen 1/6

Atlantica Sustainable Infrastructure verzeichnete einen durchschnittlichen jährlichen Gewinnzuwachs von 5.7%, während die Gewinne der Branche Renewable Energy jährlich um gewachsen und zwar um 17.5%. Die Umsätze verzeichneten einen durchschnittlichen jährlichen Gewinnzuwachs von gewachsen von 2.4%. Die Eigenkapitalrendite von Atlantica Sustainable Infrastructure beträgt 1.8% und die Nettomargen betragen 2.5%.

Wichtige Informationen

5.66%

Wachstumsrate der Gewinne

2.43%

EPS-Wachstumsrate

Renewable Energy Wachstum der Industrie-5.84%
Wachstumsrate der Einnahmen2.40%
Eigenkapitalrendite1.85%
Netto-Marge2.52%
Letzte Ertragsaktualisierung30 Sep 2024

Jüngste Aktualisierungen vergangener Leistungen

Recent updates

Seeking Alpha • Nov 20

Atlantica Sustainable Q3: New Investors Look Elsewhere, The Deal Is Done

Summary Atlantica Sustainable Infrastructure plc's Q3 earnings showed mixed results, with a 14.4% revenue increase but a significant EPS miss due to rising operating expenses. The company faces a high debt burden, with $434M in cash against $4.8B in long-term debt, and declining efficiency metrics. The acquisition by Bidco for $22/share is nearly complete, limiting any upside for new investors and making holding shares mainly for the final dividend. The High Court of Justice of England and Wales is expected to approve the deal, making AY a private entity, by December 12th, 2024. Read the full article on Seeking Alpha
Seeking Alpha • Sep 07

Atlantica Sustainable: Some Ideas Of Where To Potentially Reinvest Capital After The Acquisition

Summary With Atlantica Sustainable Infrastructure set to be acquired, investors must decide where to reinvest their proceeds from the sale. Northland Power, Innergex Renewable Energy, and Brookfield Renewable are highlighted as attractive alternatives, offering robust project pipelines and development capabilities beyond typical YieldCos. These alternatives have lower dividend yields but possess the ability to develop and contract assets independently, capturing more value from new projects. Investors are encouraged to look beyond dividend yields and consider factors such as growth potential, diversification, and strategic positioning in the renewable energy sector. Read the full article on Seeking Alpha
Seeking Alpha • May 28

Atlantica Sustainable: Algonquin Dumps For A Low Price

Summary Atlantica Sustainable Infrastructure plc announced a sale to Energy Capital Partners at a price of $22.00 per share. The purchase price represents a premium to Atlantica's Sustainable price before rumors of the deal. We examine the deal valuation from AY and Algonquin Power & Utilities Corp.'s perspective and tell you why a slightly higher price is probable. Read the full article on Seeking Alpha
Analyseartikel • May 26

Estimating The Intrinsic Value Of Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Key Insights Atlantica Sustainable Infrastructure's estimated fair value is US$26.32 based on Dividend Discount Model...
Analyseartikel • May 12

Atlantica Sustainable Infrastructure plc's (NASDAQ:AY) P/S Is Still On The Mark Following 26% Share Price Bounce

The Atlantica Sustainable Infrastructure plc ( NASDAQ:AY ) share price has done very well over the last month, posting...
Seeking Alpha • May 04

Atlantica Sustainable: Big Dividends Compensate For Risks (Rating Upgrade)

Summary Atlantica Sustainable Infrastructure's stock price fall has arrested YTD, with support from its full year 2024 outlook and recent acquisitions. The guidance indicates that its already healthy dividends can continue to rise. There can be risks ahead, but even taking them into account, the dividend yield still looks strong. The stock's P/E has risen since I last checked, but remains below the long-term average, adding to its attractiveness. Read the full article on Seeking Alpha
Analyseartikel • Apr 23

Is Now An Opportune Moment To Examine Atlantica Sustainable Infrastructure plc (NASDAQ:AY)?

Atlantica Sustainable Infrastructure plc ( NASDAQ:AY ), might not be a large cap stock, but it received a lot of...
Analyseartikel • Apr 10

Atlantica Sustainable Infrastructure (NASDAQ:AY) Takes On Some Risk With Its Use Of Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Seeking Alpha • Apr 02

Atlantica Sustainable: Too Low A Margin Of Safety To Weather Medium-Term Risks (Rating Downgrade)

Summary Atlantica Sustainable Infrastructure's stock continues to underperform the market. Despite the attractive and still stable dividend, the Stock is down due to subpar Q4 2023 results and a weaker outlook. I do not see any major risks for AY that could cause the dividend to get cut in 2024. Considering the forthcoming debt maturities and asset quality declines, if the interest rates do not trend downward, the Company might be forced to revise its dividend. In this article, I explain why I have decided to apply a more conservative view by downgrading the Stock from buy to hold. Read the full article on Seeking Alpha
Seeking Alpha • Mar 05

Atlantica Sustainable Infrastructure: A Bargain At A 10%+ CAFD Yield

Summary Atlantica Sustainable Infrastructure's "Strategic Review" is still ongoing, but full year 2023 results and FY2024 guidance show undervalued shares. The company's partner in the Monterrey asset plans to sell their stake, providing net proceeds to finance current projects. The company's development pipeline has expanded, with a focus on solar and battery storage projects in North America. Read the full article on Seeking Alpha
Analyseartikel • Mar 04

Atlantica Sustainable Infrastructure plc Just Recorded A 45% EPS Beat: Here's What Analysts Are Forecasting Next

Atlantica Sustainable Infrastructure plc ( NASDAQ:AY ) came out with its yearly results last week, and we wanted to see...
Analyseartikel • Feb 21

Atlantica Sustainable Infrastructure plc's (NASDAQ:AY) Share Price Not Quite Adding Up

With a median price-to-sales (or "P/S") ratio of close to 2x in the Renewable Energy industry in the United States, you...
Seeking Alpha • Feb 01

Atlantica Sustainable Infrastructure: Think About Total Returns

Summary The highlight feature of Atlantica Sustainable Infrastructure stock is its dividend yield of 9.2%. But this hasn't been enough to make up for price declines in the past year. With a return to net profits, the company's market multiples do look improved from a historical standpoint, though steadiness in revenues and adjusted EBITDA would be vital to price too. The company's 2023 results due later this month can provide more insight into its expectations for 2024, which can be critical to assess whether a price uptick is likely now. Read the full article on Seeking Alpha
Seeking Alpha • Jan 22

Atlantica Sustainable: Demystifying The Sustainability Of The Dividend

Summary Atlantica Sustainable Infrastructure is a green energy company with a portfolio of 2.2 GW operating assets, primarily in renewables. At first glance, AY's dividend of 9% could be viewed as speculative considering its level and the fact that the share price has dropped by ~30% in the last year. Despite the above and the history of dividend cuts, I provide three reasons why the dividend is actually safe, making the overall investment thesis attractive for yield-seeking investors. Read the full article on Seeking Alpha
Analyseartikel • Jan 19

What Is Atlantica Sustainable Infrastructure plc's (NASDAQ:AY) Share Price Doing?

Atlantica Sustainable Infrastructure plc ( NASDAQ:AY ), might not be a large cap stock, but it saw a double-digit share...
Analyseartikel • Jan 04

Does Atlantica Sustainable Infrastructure (NASDAQ:AY) Have A Healthy Balance Sheet?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Analyseartikel • Dec 14

Atlantica Sustainable Infrastructure (NASDAQ:AY) May Have Issues Allocating Its Capital

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications...
Analyseartikel • Nov 14

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) Shares Could Be 33% Below Their Intrinsic Value Estimate

Key Insights The projected fair value for Atlantica Sustainable Infrastructure is US$26.85 based on Dividend Discount...
Analyseartikel • Sep 25

Is Atlantica Sustainable Infrastructure (NASDAQ:AY) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analyseartikel • Aug 24

Atlantica Sustainable Infrastructure (NASDAQ:AY) May Have Issues Allocating Its Capital

If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...
Analyseartikel • Jun 26

Atlantica Sustainable Infrastructure (NASDAQ:AY) Use Of Debt Could Be Considered Risky

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • May 10

Returns On Capital At Atlantica Sustainable Infrastructure (NASDAQ:AY) Paint A Concerning Picture

When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in...
Analyseartikel • Mar 28

Is Atlantica Sustainable Infrastructure (NASDAQ:AY) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analyseartikel • Dec 08

Is Atlantica Sustainable Infrastructure (NASDAQ:AY) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • Oct 27

Atlantica Sustainable Infrastructure (NASDAQ:AY) Could Be At Risk Of Shrinking As A Company

If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...
Seeking Alpha • Sep 14

Atlantica Sustainable Infrastructure: Solid Dividends, Upside In Renewables

Summary Atlantica has been reducing debt and continues to present strong fundamentals. Debt levels in this environment can sign the need for caution, but Atlantica has been reducing debt effectively. Atlantica dividend growth looks to be steady, making this a good renewables and sustainability dividend play - but does it have further upside potential? In this article, I examine the investment opportunities in Atlantica Sustainable Infrastructure plc (NASDAQ:AY). It is an investment that should be on the radar of investors with an ESG or sustainability focus, as it is a relatively pure renewable energy play. Atlantica focuses on the acquisition and management of renewable energy sources. They have a mix of conventional power, as well as transmission infrastructure and water assets. Recent management moves have been to reduce debt, and they have been raising their dividend. Does this make Atlantica a worthwhile utilities investment at this price? Atlantica benefits from reasonable diversification over its projects and geography. They focus primarily on North America and Europe, Middle East, and Africa (EMEA) region (Figure 1). Figure 1. Atlantica Sustainable's revenue by geography (BusinessQuant) Atlantica Sustainable has other segments, despite the name suggesting an entire sustainability focus. However, as Figure 2 shows, most of the revenue and, therefore, the overall narrative for the company, is indeed in the renewables space. Figure 2. Atlantica Sustainable's revenue by segment showing the strength of renewables focus (BusinessQuant) If this will be a play on long-term shifts to renewable energy, we would expect to see an increasing production in the Atlantica Renewables segment. Figure 3 shows the quarterly data from 2016, with the expected seasonal cycles but also showing a clear upward trend. It is also important to note that the increases in the first half of 2022 were substantially higher than in 2021 because of a recent acquisition. Figure 3. Increasing renewables production levels at Atlantica Sustainable (BusinessQuant) The Q2 2022 results were encouraging. The H1 2022 results showed that revenue in renewables was down 11%, while adjusted EBITDA was marginally improved by 1%. The overall margin, however, lifted from 63% to 71%. In both the North America and EMEA regions (the primary regions for Atlantica), margins improved. Risks and challenges There are several company-specific issues that I can identify, as well as wider sectoral trends. For Atlantica Sustainable, I have identified: They carry a high level of intangibles on the balance sheet. This presents a valuation risk. They are about 4/5 of the company's assets and I consider this to be high. However, I do note that they have been building up other assets and reducing this level over the last three years. Debt is always something to watch for Atlantica, as it is for many utilities. Atlantica has interest coverage hovering at just 1.0, which is not encouraging. However, Fitch affirmed the BB+ rating with Stable Rating Outlook, providing some confidence. The operating margin is reasonable, at 28.1% at the end of 2021. However, this has been declining since 2014, when it was 47% and, it held steady in the 40% range before the 2019 result of 46.1% at which point it dropped to 32.8% in 2020 before heading to 28.1% in 2021. Wider macroeconomic risks are likely in the EMEA geographic region, such as the European states' changing regulations. For example, Spain's Royal Decree-Law 6/2022 is a collection of measures focused on the electricity industry that may impact prices. However, it also brings benefits, as it includes measures to enhance and speed up the application procedures for new renewable projects, which might make it easier for Atlantica to consider expanding in the region. Things I like about Atlantica On the flip side, it is not all negative and there are several attractive elements when looking at this utility firm. Atlantica has maintained a healthy current ratio of 2.1 and a quick ratio of 2.0. They have a Price /FCF of 8.0, which is reasonably valued (Source: Stock Rover). The Q2 2022 earnings presentation notes the improvements in the debt load. Project debt was $4,501.8 million at the end of 2021 and had been lowered to $4,190.4 million by 30 June 2022. This was a rapid improvement in the debt position. The cash available for distribution (or CAFD) lifted 6.7% YoY, while the CAFD per share lifted 4.0% YoY (Source: Q2 2022 results). There has been a significant expansion in the shares issued, particularly over the 2020-2021 period (Figure 4). While not unusual with a utility, this is something I monitor. The efforts being made to lower the debt levels should, over time, provide a buffer and allow the CAFD per share to increase. Ultimately, they are most likely to be valued as a dividend-paying utility. In this respect, Atlantica has a forward dividend yield of 5.29% with a five-year DGR of 13.78%. This is strong and will be attractive to many investors. The Q2 2022 results also suggest that CAFD comfortably covers dividends. AY Shares Outstanding data by YCharts The Q2 2022 earnings show that debt is also largely hedged and fixed, with 100% of the corporate debt and 93% of the project debt falling into this category, easing analysis and management and buffering against external shocks. The contracts also have some escalation factors built in, but not, perhaps, as much as I expected. 40% are indexed to inflation or based on inflation and 12% are fixed. This leaves 48% not indexed. So the company has some ability to manage the rising inflationary environment. Fitch puts it this way (emphasis added): Atlantica's portfolio of assets produces stable, predictable cash flows underpinned by long-term contracts with a weighted average remaining contract life of 15 years. Most counterparties have strong investment-grade ratings. The contracts are typically fixed-price with annual escalation mechanisms. Atlantica's portfolio does not bear material resource availability risk or commodity risk and does not depend on any single project for more than 15% of its project distributions. Overall, Atlantica's management has done an admirable job of managing the risk. Valuation and opportunity So there appear to be some challenges with Atlantica, but it has strong dividend payments and CAFD. We have seen that Atlantica has been working to reduce the debt load and expand its renewables. But we do not invest in the past - we need to look to the future. Analysts estimate some robust revenue and EBITDA growth in 2023 through to 2025 (Figure 5; the values on the left are historic values while the values on the right are estimates). This should enhance the vigor of Atlantica's investments in new projects while also ensuring dividends continue. Figure 5. Atlantica's EBITDA and Revenue data for recent past and estimates for several years (TIKR Terminal) I like companies with rising EPS values and dividends. Figure 6 presents both historic and analysts' estimates (beyond the 2022 value) for Atlantica. They estimate the dividends to continue rising, though at a steady rate. Analysts estimate the EPS values to mostly stabilize at a level higher than they are now. Figure 6. Atlantica's Dividends and earnings per share figures for past and estimates for future (TIKR Terminal) This leaves me with the question, is there an upside to an investment at this price? This is now a dividend play. Atlantica is facing a rising interest rates environment which may make debt more challenging to take on to finance further projects. It may limit them by how much they can grow revenue and squeeze out further dividends. Given the relative increases in revenue forecasted (Figure 5), I've opted for a five-year discounted cash flow ("DCF") Revenue-Exit model. I've used a conservative 10% for the discount rate and an exit multiple to revenue of 7.8x, which Atlantica has historically traded at 7.8x. However, I've looked at (BEP), (CWEN), (NEP), (OTCPK:BRLXF), (OTCPK:NPIFF), (OTCPK:TRSWF), and (OTCPK:ALRCF) and taken their average EV/Revenue (LTM) multiples as 10.7x, with quite a wide range of 7.3x to 16.7x. I feel that my use of an 7.8x exit multiple for Atlantica is, therefore, conservative, and lower than the peers. The fair value from this DCF computation is $38.98, suggesting an upside of about 17%.
Analyseartikel • Aug 08

Atlantica Sustainable Infrastructure (NASDAQ:AY) Has A Somewhat Strained Balance Sheet

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

Aufschlüsselung der Einnahmen und Ausgaben

Wie Atlantica Sustainable Infrastructure Geld verdient und ausgibt. Basierend auf den neuesten gemeldeten Einnahmen der letzten zwölf Monate.

Gewinn- und Umsatzhistorie

NasdaqGS:AY Einnahmen, Ausgaben und Erträge (USD Millions)
DatumEinnahmenGewinnAllgemeine und VerwaltungskostenF&E-Ausgaben
30 Sep 241,190301130
30 Jun 241,134351110
31 Mar 241,115491090
31 Dec 231,111431040
30 Sep 231,10250980
30 Jun 231,10115900
31 Mar 231,097-4850
31 Dec 221,102-5800
30 Sep 221,130-21780
30 Jun 221,156-19800
31 Mar 221,191-23800
31 Dec 211,212-30790
30 Sep 211,185-67760
30 Jun 211,15933690
31 Mar 211,07133610
31 Dec 201,01312540
30 Sep 2098763490
30 Jun 2099217460
31 Mar 201,02331390
31 Dec 191,01162320
30 Sep 191,040-18200
30 Jun 191,069-9160
31 Mar 191,07237150
31 Dec 181,07842150
30 Sep 181,108-34210
30 Jun 181,065-57210
31 Mar 181,070-105200
31 Dec 171,030-112190
30 Sep 1799928170
30 Jun 171,00331170
31 Mar 179709170
31 Dec 16978-5150
30 Sep 16979-225140
30 Jun 16950-232100
31 Mar 16879-22080
31 Dec 15792-20960
30 Sep 15635730
30 Jun 154672420
31 Mar 15413910
31 Dec 14369-320
30 Sep 1472-1120
30 Jun 1498-5130
31 Mar 14525-2540
31 Dec 13216-320

Qualität der Erträge: AY hat einen großen einmalig Gewinn von $16.6M verbucht, der sich auf die Finanzergebnisse der letzten 12 Monate bis zum 30th September, 2024 auswirkt.

Wachsende Gewinnspanne: AYDie aktuellen Gewinnspannen (2.5%) sind niedriger als im letzten Jahr (4.5%).

Analyse von freiem Cashflow und Gewinn

Analyse des Gewinnwachstums in der Vergangenheit

Ergebnisentwicklung: AY ist in den letzten 5 Jahren profitabel geworden und hat seinen Gewinn um 5.7% pro Jahr gesteigert.

Beschleunigtes Wachstum: AYDas Unternehmen hat im vergangenen Jahr ein negatives Gewinnwachstum verzeichnet, so dass es nicht mit seinem 5-Jahres-Durchschnitt verglichen werden kann.

Erträge im Vergleich zur Industrie: AY hatte im vergangenen Jahr ein negatives Gewinnwachstum (-40.1%), was einen Vergleich mit dem Branchendurchschnitt Renewable Energy (-3.3%) erschwert.

Eigenkapitalrendite

Hohe Eigenkapitalrendite: AYDie Eigenkapitalrendite des Unternehmens (1.8%) wird als niedrig angesehen.

Kapitalrendite

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Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2024/12/13 17:57
Aktienkurs zum Tagesende2024/12/11 00:00
Gewinne2024/09/30
Jährliche Einnahmen2023/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

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Analysten-Quellen

Atlantica Sustainable Infrastructure plc wird von 10 Analysten beobachtet. 4 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Gonzalo De Cueto MorenoBNP Paribas
John QuealyCanaccord Genuity
Jonathan ArnoldDeutsche Bank