Atlantica Sustainable Infrastructure plc

NasdaqGS:AY Voorraadrapport

Marktkapitalisatie: 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 Beheer

Beheer criteriumcontroles 4/4

De CEO Atlantica Sustainable Infrastructure is Santiago Seage Medela, benoemd in May2016, heeft een ambtstermijn van 8.58 jaar. De totale jaarlijkse vergoeding van { bedraagt $ 2.80M, bestaande uit 28.5% salaris en 71.5% bonussen, inclusief aandelen en opties van het bedrijf. bezit rechtstreeks 0.1% van de aandelen van het bedrijf, ter waarde $ 2.58M. De gemiddelde ambtstermijn van het managementteam en de raad van bestuur bedraagt respectievelijk 8.9 jaar en 4.6 jaar.

Belangrijke informatie

Santiago Seage Medela

Algemeen directeur

US$2.8m

Totale compensatie

Percentage CEO-salaris28.55%
Dienstverband CEO8.6yrs
Eigendom CEO0.1%
Management gemiddelde ambtstermijn8.9yrs
Gemiddelde ambtstermijn bestuur4.6yrs

Recente managementupdates

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...

Analyse CEO-vergoeding

Hoe is Santiago Seage Medela's beloning veranderd ten opzichte van Atlantica Sustainable Infrastructure's winst?
DatumTotale vergoedingSalarisBedrijfswinsten
Sep 30 2024n/an/a

US$30m

Jun 30 2024n/an/a

US$35m

Mar 31 2024n/an/a

US$49m

Dec 31 2023US$3mUS$799k

US$43m

Sep 30 2023n/an/a

US$50m

Jun 30 2023n/an/a

US$15m

Mar 31 2023n/an/a

-US$4m

Dec 31 2022US$5mUS$727k

-US$5m

Sep 30 2022n/an/a

-US$21m

Jun 30 2022n/an/a

-US$19m

Mar 31 2022n/an/a

-US$23m

Dec 31 2021US$4mUS$817k

-US$30m

Sep 30 2021n/an/a

-US$67m

Jun 30 2021n/an/a

US$33m

Mar 31 2021n/an/a

US$33m

Dec 31 2020US$3mUS$757k

US$12m

Sep 30 2020n/an/a

US$63m

Jun 30 2020n/an/a

US$17m

Mar 31 2020n/an/a

US$31m

Dec 31 2019US$2mUS$728k

US$62m

Sep 30 2019n/an/a

-US$18m

Jun 30 2019n/an/a

-US$9m

Mar 31 2019n/an/a

US$37m

Dec 31 2018US$3mUS$768k

US$42m

Sep 30 2018n/an/a

-US$34m

Jun 30 2018n/an/a

-US$57m

Mar 31 2018n/an/a

-US$105m

Dec 31 2017US$2mUS$678k

-US$112m

Compensatie versus markt: De totale vergoeding ($USD 2.80M ) Santiago } ligt onder het gemiddelde voor bedrijven van vergelijkbare omvang in de US markt ($USD 6.92M ).

Compensatie versus inkomsten: De vergoeding van Santiago is het afgelopen jaar in lijn geweest met de bedrijfsprestaties.

CEO

Santiago Seage Medela (55 yo)

8.6yrs
Tenure
US$2,797,400
Compensatie

Mr. Santiago Seage Medela serves as Independent Director at UGI Corporation since September 18, 2023. He serves as the Chairman and Chief Executive Officer of Abengoa Solar Australia Pty Limited and Abengo...

Leiderschapsteam

NaamPositieTenureCompensatieEigendom
Santiago Seage Medela
CEO & Executive Director8.6yrsUS$2.80m0.10%
$ 2.6m
Francisco Martinez-Davis
Chief Financial Officer8.9yrsUS$101.89kgeen gegevens
Javier Albarracin
Head of Development & Investment and CIO1.5yrsgeen gegevensgeen gegevens
Leire Perez
Director of Investor Relations10.4yrsgeen gegevensgeen gegevens
Irene Hernandez
Chief of Compliance10.5yrsgeen gegevensgeen gegevens
8.9yrs
Gemiddelde duur
54yo
Gemiddelde leeftijd

Ervaren management: Het managementteam van AY is doorgewinterd en ervaren (gemiddelde ambtstermijn van 8.9 jaar).

Bestuursleden

NaamPositieTenureCompensatieEigendom
Santiago Seage Medela
CEO & Executive Director6yrsUS$2.80m0.10%
$ 2.6m
Michael Forsayeth
Independent Non-Executive Director4.6yrsUS$159.00k0.0022%
$ 54.9k
Edward Hall
Independent Director2.3yrsUS$150.00k0.0013%
$ 33.0k
Arun Banskota
Non-Independent Non-Executive Director4.7yrsUS$58.80kgeen gegevens
William Aziz
Independent Non-Executive Director4.6yrsUS$160.00k0.0022%
$ 54.9k
Michael Woollcombe
Independent Non-Executive Chairman of the Board4.6yrsUS$251.90k0.0043%
$ 109.8k
Brenda Eprile
Independent Director4.6yrsUS$165.00k0.011%
$ 285.9k
Ryan Farquhar
Director1.3yrsgeen gegevensgeen gegevens
Debora Del Favero
Independent Non-Executive Director4.6yrsUS$165.70kgeen gegevens
4.6yrs
Gemiddelde duur
63yo
Gemiddelde leeftijd

Ervaren bestuur: De raad van bestuur van AY wordt beschouwd als ervaren (gemiddelde ambtstermijn 4.6 jaar).

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2024/12/13 14:39
Aandelenkoers aan het einde van de dag2024/12/11 00:00
Inkomsten2024/09/30
Jaarlijkse inkomsten2023/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Atlantica Sustainable Infrastructure plc wordt gevolgd door 10 analisten. 4 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

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