Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Josep Maria Torres was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • May 08
Audax Renovables, S.A., Annual General Meeting, Jun 11, 2026 Audax Renovables, S.A., Annual General Meeting, Jun 11, 2026. Location: hotel marina badalona, avinguda d`eduard maristany 227, badalona, barcelona., Spain Anuncio • Feb 19
Audax Renovables, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Audax Renovables, S.A. announced that they will report fiscal year 2025 results Pre-Market on Feb 26, 2026 Anuncio • May 15
Audax Renovables, S.A., Annual General Meeting, Jun 19, 2025 Audax Renovables, S.A., Annual General Meeting, Jun 19, 2025. Location: hotel marina badalona, avinguda deduard maristany 227, badalona, barcelona Spain Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: €0.026 (vs €0.033 in 3Q 2023) Third quarter 2024 results: EPS: €0.026 (down from €0.033 in 3Q 2023). Revenue: €506.1m (down 11% from 3Q 2023). Net income: €11.8m (down 20% from 3Q 2023). Profit margin: 2.3% (down from 2.6% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to €1.65. The fair value is estimated to be €2.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 87%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. New Risk • Oct 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: €0.039 (vs €0.014 in 2Q 2023) Second quarter 2024 results: EPS: €0.039 (up from €0.014 in 2Q 2023). Revenue: €402.6m (down 22% from 2Q 2023). Net income: €17.8m (up 181% from 2Q 2023). Profit margin: 4.4% (up from 1.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €1.87. The fair value is estimated to be €1.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 82%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. New Risk • Jun 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (159% net debt to equity). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: €0.036 (vs €0.005 in 1Q 2023) First quarter 2024 results: EPS: €0.036 (up from €0.005 in 1Q 2023). Revenue: €482.1m (down 31% from 1Q 2023). Net income: €15.9m (up €13.9m from 1Q 2023). Profit margin: 3.3% (up from 0.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Anuncio • May 17
Audax Renovables, S.A., Annual General Meeting, Jun 18, 2024 Audax Renovables, S.A., Annual General Meeting, Jun 18, 2024. Location: hotel marina badalona, avinguda d`eduard maristany 227, badalona Spain Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.54, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Renewable Energy industry in Germany. Total loss to shareholders of 24% over the past three years. Reported Earnings • Oct 01
Second quarter 2023 earnings released: EPS: €0.014 (vs €0.002 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.014 (up from €0.002 loss in 2Q 2022). Revenue: €519.2m (down 12% from 2Q 2022). Net income: €6.35m (up €7.16m from 2Q 2022). Profit margin: 1.2% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €0.01 (vs €0.006 in FY 2021) Full year 2022 results: EPS: €0.01 (up from €0.006 in FY 2021). Revenue: €2.63b (up 56% from FY 2021). Net income: €3.54m (up 25% from FY 2021). Profit margin: 0.1% (down from 0.2% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 8.4% decline forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improved over the past week After last week's 37% share price gain to €1.15, the stock trades at a forward P/E ratio of 67x. Average forward P/E is 21x in the Renewable Energy industry in Europe. Total loss to shareholders of 54% over the past three years. Anuncio • Dec 29
Audax Renovables, S.A. (BME:ADX) announces an Equity Buyback for 800,000 shares, representing 0.18% for €1 million. Audax Renovables, S.A. (BME:ADX) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares for €1 million. The company will not buy shares at a price higher than the highest of the last independent transaction or the highest independent offer at that moment in the trading venues where the purchase is made. The program will be valid for 11 months. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Josep Maria Torres was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €586.6m (up 68% from 2Q 2021). Net loss: €804.0k (loss narrowed 84% from 2Q 2021). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Josep Maria Torres was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.01 (down from €0.06 in FY 2020). Revenue: €1.68b (up 74% from FY 2020). Net income: €2.84m (down 89% from FY 2020). Profit margin: 0.2% (down from 2.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 44% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.02, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total loss to shareholders of 58% over the past three years. Reported Earnings • Oct 01
Second quarter 2021 earnings released The company reported a decent second quarter result with improved revenues, although earnings and control over costs were weaker. Second quarter 2021 results: Revenue: €348.4m (up 106% from 2Q 2020). Net loss: €5.11m (down 293% from profit in 2Q 2020). Reported Earnings • Mar 04
Full year 2020 earnings released: EPS €0.06 (vs €0.058 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €967.4m (down 7.1% from FY 2019). Net income: €26.4m (up 3.8% from FY 2019). Profit margin: 2.7% (up from 2.4% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 15%, compared to a 28% growth forecast for the Renewable Energy industry in Germany. Anuncio • Jan 15
Audax Renovables, S.A. (BME:ADX) acquired Two 5-MWp solar photovoltaic projects in Toledo from Energy Pool. Audax Renovables, S.A. (BME:ADX) acquired Two 5-MWp solar photovoltaic projects in Toledo from Energy Pool on January 14, 2021. Audax Renovables, S.A. funded the transaction in part using proceeds from recent green bond issues and will cover the rest with own resources.
Audax Renovables, S.A. (BME:ADX) completed the acquisition of Two 5-MWp solar photovoltaic projects in Toledo from Energy Pool on January 14, 2021. Anuncio • Jan 12
Global Portfolio Investments, S. L. managed by Indumenta Pueri, S.L. acquired a 5.8% stake in Audax Renovables, S.A. (BME:ADX) from Electrica Nuriel S.L. for €56.2 million. Global Portfolio Investments, S. L. managed by Indumenta Pueri, S.L. acquired a 5.8% stake in Audax Renovables, S.A. (BME:ADX) from Electrica Nuriel S.L. for €56.2 million on January 11, 2021. Under the terms of the transaction, Global Portfolio Investments will acquire the shares at €2.2 per share. Upon completion, Electrica Nuriel will now hold 70% stake in Audax.
Global Portfolio Investments, S. L. managed by Indumenta Pueri, S.L. completed the acquisition of a 5.8% stake in Audax Renovables, S.A. (BME:ADX) from Electrica Nuriel S.L. on January 11, 2021. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 19% share price gain to €2.29, the stock is trading at a trailing P/E ratio of 41.3x, up from the previous P/E ratio of 34.6x. This compares to an average P/E of 33x in the Renewable Energy industry in Germany. Total return to shareholders over the past year is a loss of 5.2%. Is New 90 Day High Low • Jan 08
New 90-day high: €2.29 The company is up 12% from its price of €2.05 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 15% share price gain to €1.97, the stock is trading at a trailing P/E ratio of 35.6x, up from the previous P/E ratio of 31x. This compares to an average P/E of 32x in the Renewable Energy industry in Germany. Total return to shareholders over the past year is a loss of 1.1%. Is New 90 Day High Low • Dec 03
New 90-day low: €1.63 The company is down 1.0% from its price of €1.64 on 04 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Anuncio • Nov 24
Audax Renovables, S.A. announced that it has received €125 million in funding On November 23, 2020, Audax Renovables, S.A. (BME:ADX) closed the transaction. The transaction was 2.4 times over demanded. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS €0.014 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €222.3m (down 8.1% from 3Q 2019). Net income: €6.21m (up 45% from 3Q 2019). Profit margin: 2.8% (up from 1.8% in 3Q 2019). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 17% share price gain to €2.18, the stock is trading at a trailing P/E ratio of 42.3x, up from the previous P/E ratio of 36x. This compares to an average P/E of 24x in the Renewable Energy industry in Germany. Total returns to shareholders over the past year are 29%. Is New 90 Day High Low • Oct 08
New 90-day high: €2.06 The company is up 21% from its price of €1.70 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is flat over the same period. Anuncio • Oct 05
Audax Renovables, S.A. to Report Q1, 2021 Results on May 15, 2021 Audax Renovables, S.A. announced that they will report Q1, 2021 results on May 15, 2021 Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of €22.7m, up 31% from the prior year. Total revenue was €919.2m over the last 12 months, down 15% from the prior year. Anuncio • Sep 24
Audax Renovables, S.A. (BME:ADX) acquired a 75% stake in PH Simples. Audax Renovables, S.A. (BME:ADX) acquired a 75% stake in PH Simples effective September 1, 2020. 
