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Elecnor

BME:ENO
Snowflake Description

Fair value with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ENO
BME
€999M
Market Cap
  1. Home
  2. ES
  3. Capital Goods
Company description

Elecnor, S.A. engages in infrastructure and concessions businesses in Spain and internationally. The last earnings update was 54 days ago. More info.


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ENO Share Price and Events
7 Day Returns
0.9%
BME:ENO
0.5%
ES Construction
0.4%
ES Market
1 Year Returns
-9.2%
BME:ENO
11.4%
ES Construction
-2.4%
ES Market
ENO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Elecnor (ENO) 0.9% -0.2% -2.5% -9.2% 50.9% 13.9%
ES Construction 0.5% 2% 6.3% 11.4% 16.6% -15.6%
ES Market 0.4% 3% 4.5% -2.4% 5.4% -11.2%
1 Year Return vs Industry and Market
  • ENO underperformed the Construction industry which returned 11.4% over the past year.
  • ENO underperformed the Market in Spain which returned -2.4% over the past year.
Price Volatility
ENO
Industry
5yr Volatility vs Market

Value

 Is Elecnor undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Elecnor to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Elecnor.

BME:ENO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 17.2%
Perpetual Growth Rate 10-Year ES Government Bond Rate 1.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BME:ENO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ES Govt Bond Rate 1.5%
Equity Risk Premium S&P Global 8.2%
Construction Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.043 (1 + (1- 25%) (169.66%))
1.918
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (1.918 * 8.18%)
17.22%

Discounted Cash Flow Calculation for BME:ENO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Elecnor is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BME:ENO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 17.22%)
2019 73.94 Est @ -8.3% 63.08
2020 69.99 Est @ -5.35% 50.94
2021 67.68 Est @ -3.29% 42.03
2022 66.44 Est @ -1.84% 35.19
2023 65.88 Est @ -0.83% 29.77
2024 65.80 Est @ -0.13% 25.37
2025 66.04 Est @ 0.37% 21.72
2026 66.52 Est @ 0.72% 18.66
2027 67.16 Est @ 0.96% 16.08
2028 67.92 Est @ 1.13% 13.87
Present value of next 10 years cash flows €316.70
BME:ENO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €67.92 × (1 + 1.53%) ÷ (17.22% – 1.53%)
€439.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €439.42 ÷ (1 + 17.22%)10
€89.73
BME:ENO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €316.70 + €89.73
€406.43
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €406.43 / 84.66
€4.8
BME:ENO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €4.80
Current discount Discount to share price of €11.80
= -1 x (€11.80 - €4.80) / €4.80
-145.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Elecnor is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Elecnor's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Elecnor's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BME:ENO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.88
BME:ENO Share Price ** BME (2019-04-24) in EUR €11.8
Spain Construction Industry PE Ratio Median Figure of 7 Publicly-Listed Construction Companies 17.27x
Spain Market PE Ratio Median Figure of 132 Publicly-Listed Companies 17.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Elecnor.

BME:ENO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:ENO Share Price ÷ EPS (both in EUR)

= 11.8 ÷ 0.88

13.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Elecnor is good value based on earnings compared to the ES Construction industry average.
  • Elecnor is good value based on earnings compared to the Spain market.
Price based on expected Growth
Does Elecnor's expected growth come at a high price?
Raw Data
BME:ENO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
13.8%per year
Europe Construction Industry PEG Ratio Median Figure of 46 Publicly-Listed Construction Companies 1.2x
Spain Market PEG Ratio Median Figure of 75 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Elecnor, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Elecnor's assets?
Raw Data
BME:ENO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €6.00
BME:ENO Share Price * BME (2019-04-24) in EUR €11.8
Spain Construction Industry PB Ratio Median Figure of 10 Publicly-Listed Construction Companies 2.68x
Spain Market PB Ratio Median Figure of 180 Publicly-Listed Companies 1.82x
BME:ENO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:ENO Share Price ÷ Book Value per Share (both in EUR)

= 11.8 ÷ 6.00

1.97x

* Primary Listing of Elecnor.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Elecnor is good value based on assets compared to the ES Construction industry average.
X
Value checks
We assess Elecnor's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Construction industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Construction industry average (and greater than 0)? (1 check)
  5. Elecnor has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Elecnor expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Elecnor, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Elecnor expected to grow at an attractive rate?
  • Elecnor's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
  • Elecnor's earnings growth is expected to exceed the Spain market average.
  • Unable to compare Elecnor's revenue growth to the Spain market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BME:ENO Future Growth Rates Data Sources
Data Point Source Value (per year)
BME:ENO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 13.8%
Spain Construction Industry Earnings Growth Rate Market Cap Weighted Average 9.7%
Spain Construction Industry Revenue Growth Rate Market Cap Weighted Average 11.3%
Spain Market Earnings Growth Rate Market Cap Weighted Average 9.8%
Spain Market Revenue Growth Rate Market Cap Weighted Average 5.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BME:ENO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BME:ENO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BME:ENO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,273 189 74
2018-09-30 2,318 73
2018-06-30 2,314 174 73
2018-03-31 2,326 72
2017-12-31 2,317 43 71
2017-09-30 2,275 70
2017-06-30 2,174 81 70
2017-03-31 2,094 69
2016-12-31 2,035 198 68
2016-09-30 1,939 68
2016-06-30 1,923 216 67
2016-03-31 1,907 66

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Elecnor's earnings are expected to grow by 13.8% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Elecnor is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BME:ENO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Elecnor Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:ENO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BME:ENO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.88
2018-09-30
2018-06-30 0.86
2018-03-31
2017-12-31 0.84
2017-09-30
2017-06-30 0.83
2017-03-31
2016-12-31 0.81
2016-09-30
2016-06-30 0.79
2016-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Elecnor will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Elecnor's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Spain market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Spain market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Elecnor has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Elecnor performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Elecnor's growth in the last year to its industry (Construction).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Elecnor's year on year earnings growth rate has been positive over the past 5 years.
  • Elecnor's 1-year earnings growth is less than its 5-year average (4.3% vs 9.3%)
  • Elecnor's earnings growth has not exceeded the ES Construction industry average in the past year (4.3% vs 15.1%).
Earnings and Revenue History
Elecnor's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Elecnor Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:ENO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,273.06 74.26 678.60
2018-09-30 2,317.95 73.35 679.28
2018-06-30 2,314.40 72.59 693.17
2018-03-31 2,326.24 72.01 679.28
2017-12-31 2,316.79 71.23 679.28
2017-09-30 2,275.37 70.50 599.90
2017-06-30 2,174.49 69.92 630.57
2017-03-31 2,094.01 69.24 599.90
2016-12-31 2,035.14 68.47 606.32
2016-09-30 1,939.12 67.71 560.12
2016-06-30 1,922.58 67.01 575.86
2016-03-31 1,906.59 66.47 560.12
2015-12-31 1,881.14 65.66 560.12
2015-09-30 1,880.51 64.85 549.95
2015-06-30 1,849.14 60.65 555.53
2015-03-31 1,746.07 59.45 549.95
2014-12-31 1,723.73 58.54 549.95
2014-09-30 1,644.97 39.98 496.38
2014-06-30 1,640.68 33.97 520.53
2014-03-31 1,852.98 50.46 496.38
2013-12-31 1,864.17 53.29 496.38
2013-09-30 1,951.91 60.21 484.35
2013-06-30 1,998.27 83.35 492.38
2013-03-31 1,899.72 85.40 484.35
2012-12-31 1,930.71 87.59 484.35
2012-09-30 1,922.24 111.31 384.06
2012-06-30 1,977.75 116.59 453.12

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Elecnor has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Elecnor used its assets more efficiently than the ES Construction industry average last year based on Return on Assets.
  • Elecnor's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Elecnor's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Construction industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Elecnor has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Elecnor's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Elecnor's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Elecnor is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Elecnor's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Elecnor's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Elecnor Company Filings, last reported 3 months ago.

BME:ENO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 840.71 1,695.00 428.64
2018-09-30 774.45 1,604.31 375.51
2018-06-30 774.45 1,604.31 375.51
2018-03-31 904.06 1,663.13 398.16
2017-12-31 904.06 1,663.13 398.16
2017-09-30 928.59 1,718.59 543.63
2017-06-30 928.59 1,718.59 543.63
2017-03-31 980.04 1,473.42 317.37
2016-12-31 980.04 1,473.42 317.37
2016-09-30 831.25 1,538.91 334.06
2016-06-30 831.25 1,538.91 334.06
2016-03-31 740.37 1,439.18 337.26
2015-12-31 740.37 1,439.20 337.26
2015-09-30 827.42 1,512.40 291.54
2015-06-30 827.42 1,512.40 291.54
2015-03-31 809.74 1,517.42 266.43
2014-12-31 809.74 1,514.59 266.43
2014-09-30 568.95 1,763.93 233.34
2014-06-30 568.95 1,763.93 233.34
2014-03-31 532.49 1,412.47 248.67
2013-12-31 532.49 1,412.47 248.67
2013-09-30 586.24 1,565.15 384.74
2013-06-30 586.24 1,565.15 384.74
2013-03-31 603.37 1,456.69 532.32
2012-12-31 558.20 1,456.69 532.32
2012-09-30 601.87 1,325.09 407.74
2012-06-30 601.87 1,325.09 407.74
  • Elecnor's level of debt (201.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (265.3% vs 201.6% today).
  • Debt is not well covered by operating cash flow (11.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Elecnor's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Elecnor has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Elecnor's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.43%
Current annual income from Elecnor dividends.
If you bought €2,000 of Elecnor shares you are expected to receive €49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Elecnor's pays a higher dividend yield than the bottom 25% of dividend payers in Spain (1.86%).
  • Elecnor's dividend is below the markets top 25% of dividend payers in Spain (5.02%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BME:ENO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Construction Industry Average Dividend Yield Market Cap Weighted Average of 72 Stocks 3.7%
Spain Market Average Dividend Yield Market Cap Weighted Average of 76 Stocks 4.3%
Spain Minimum Threshold Dividend Yield 10th Percentile 1.1%
Spain Bottom 25% Dividend Yield 25th Percentile 1.9%
Spain Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BME:ENO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
BME:ENO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-07-27 0.287 2.431
2018-02-28 0.287 2.205
2017-07-28 0.276 2.206
2017-03-01 0.276 2.578
2016-08-01 0.263 3.029
2016-05-18 0.263 3.511
2015-07-28 0.250 3.208
2015-03-23 0.250 2.649
2014-11-04 0.230 2.672
2014-02-21 0.234 2.265
2013-07-31 0.260 2.426
2013-02-21 0.260 2.841
2012-07-26 0.260 2.831
2012-06-06 0.260 2.845
2012-01-02 0.245 2.595
2011-07-28 0.244 2.555
2011-02-23 0.244 2.231
2010-05-19 0.231 2.335
2010-01-04 0.230 2.083
2009-12-04 0.086 0.745

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Elecnor has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Elecnor only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Elecnor's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Elecnor's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Elecnor afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Elecnor has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Elecnor's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rafael Martín De Bustamante Vega
COMPENSATION €1,587,000
TENURE AS CEO 8.3 years
CEO Bio

Mr. Rafael Martín De Bustamante Vega has been the Chief Executive Officer of Elecnor SA since 2011 and serves as its Director.

CEO Compensation
  • Rafael's compensation has been consistent with company performance over the past year.
  • Rafael's remuneration is higher than average for companies of similar size in Spain.
Management Team Tenure

Average tenure of the Elecnor management team in years:

3
Average Tenure
  • The tenure for the Elecnor management team is about average.
Management Team

Rafael Martín De Bustamante Vega

TITLE
CEO & Director
COMPENSATION
€2M
TENURE
8.3 yrs

Fernando Azaola Arteche

TITLE
Director
COMPENSATION
€2M

Joaquín Gómez de Olea y Mendaro

TITLE
Secretary & Director
COMPENSATION
€231K

Cristóbal de Aguilar Alonso-Urquijo

TITLE
Deputy Secretary & Director
COMPENSATION
€231K
TENURE
2.2 yrs

Argimiro Ramón

TITLE
Head of Facilities & Networks Department
TENURE
3 yrs

José Ángel Lostao Unzu

TITLE
Head of Concessions Department (Celeo)

Eduard Pinyol

TITLE
Head of International Development Sub-Division

José Castellanos Ybarra

TITLE
Head of Wind Power Department (Enerfín)

Pablo Díaz-Miguel

TITLE
Head of Energy Department

Armando Pérez Medina

TITLE
Head of Large Network & Grid Department
Board of Directors Tenure

Average tenure of the Elecnor board of directors in years:

2.3
Average Tenure
  • The average tenure for the Elecnor board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jaime de Asúa y Arteche

TITLE
Non-Executive Chairman
COMPENSATION
€293K
TENURE
2.3 yrs

Rafael Martín De Bustamante Vega

TITLE
CEO & Director
COMPENSATION
€2M

Fernando Leon Domecq

TITLE
Deputy Chairman
COMPENSATION
€295K
TENURE
2.3 yrs

Juan Enrique Rey-Baltar

TITLE
Deputy Chairman
COMPENSATION
€231K
TENURE
2.3 yrs

Fernando Azaola Arteche

TITLE
Director
COMPENSATION
€2M

Joaquín Gómez de Olea y Mendaro

TITLE
Secretary & Director
COMPENSATION
€231K

Cristóbal de Aguilar Alonso-Urquijo

TITLE
Deputy Secretary & Director
COMPENSATION
€231K

Isabel Dutilh Carvajal

TITLE
Director
COMPENSATION
€231K
TENURE
3.3 yrs

Emilio Ybarra Aznar

TITLE
Director
COMPENSATION
€231K
TENURE
3.3 yrs

Gabriel de Oraa y Moyúa

TITLE
Director
COMPENSATION
€231K
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Elecnor's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Elecnor has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Elecnor, S.A.'s (BME:ENO) P/E Ratio Signal A Buying Opportunity?

We'll look at Elecnor, S.A.'s (BME:ENO) P/E ratio and reflect on what it tells us about the company's share price. … Looking at earnings over the last twelve months, Elecnor has a P/E ratio of 13.34. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Elecnor, S.A.'s (BME:ENO) 13% ROE Strong Compared To Its Industry?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.13 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Elecnor (BME:ENO) Shareholders Have Enjoyed A 73% Share Price Gain

(BME:ENO) shareholders have seen the share price rise 73% over three years, well in excess of the market return (8.4%, not including dividends). … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Elecnor was able to grow its EPS at 4.2% per year over three years, sending the share price higher.

Simply Wall St -

Are Elecnor, S.A.’s (BME:ENO) Returns Worth Your While?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

Here's What We Think About Elecnor, S.A.'s (BME:ENO) CEO Pay

In 2011 Rafael Martín De Bustamante Vega was appointed CEO of Elecnor, S.A. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Rafael Martín De Bustamante Vega's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Here's What Elecnor, S.A.'s (BME:ENO) P/E Ratio Is Telling Us

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … To keep it practical, we'll show how Elecnor, S.A.'s (BME:ENO) P/E ratio could help you assess the value on offer. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Could The Elecnor, S.A. (BME:ENO) Ownership Structure Tell Us Something Useful?

Generally speaking, as a company grows, institutions will increase their ownership. … Companies that used to be publicly owned tend to have lower insider ownership. … institutions own shares in the company.

Simply Wall St -

How Elecnor SA (BME:ENO) Could Add Value To Your Portfolio

I've been keeping an eye on Elecnor SA (BME:ENO) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe ENO has a lot to offer. … In the following section, I expand a bit more on these key aspects.

Simply Wall St -

Should You Worry About Elecnor SA's (BME:ENO) CEO Pay Check?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Rafael Martín De Bustamante Vega's Compensation Compare With Similar Sized Companies. … As you can see, Rafael Martín De Bustamante Vega is paid more than the median CEO pay at companies of a similar size, in the same market

Simply Wall St -

What’s Installed For Elecnor SA (BME:ENO)?

which is expected to benefit from higher gross domestic product, high consumer confidence, and upbeat private sector investments … Along with these positive signals is the potential for significant infrastructure plans and public-private partnerships to fund them

Simply Wall St -

Company Info

Description

Elecnor, S.A. engages in infrastructure and concessions businesses in Spain and internationally. The company distributes electricity; operates power transport lines and transformation substations; generates power from wind farms, solar plants, combined cycle plants, and hydroelectric plants; and provides gas related services covering gas pipeline transportation and distribution. It also develops infrastructure and telecommunications systems; carries out electrification, signaling, interlock, communications, and control system turnkey projects for railways, metros, trams, and trolley buses; and offers technical, commercial, and ancillary services in the field of electricity, communications, gas, water, and installations. In addition, the company is involved in civil and industrial works, and construction activities; hydrological planning activities; operating water transportation and distribution networks; providing hydraulic electromechanical facilities, and automation and control systems; the treatment and reuse of waste and sewerage; and water purification activities. Further, it operates as a full-service installation contractor for landmark buildings, cultural and recreational centers, airport and railway terminals, hotels and hospitals, industrial plants, and cogeneration and trigeneration plants; and designs, engineers, and develops solutions and systems in aerospace, information systems, and telecommunications network sectors. Additionally, the company operates as a turnkey developer and operator of wind power farms; invests in and develops solar photovoltaic and solar thermal projects; and constructs and operates wastewater treatment plants. Elecnor, S.A. was founded in 1958 and is based in Madrid, Spain. Elecnor, S.A. is a subsidiary of Cantiles XXI, S.L.

Details
Name: Elecnor, S.A.
ENO
Exchange: BME
Founded: 1958
€999,029,347
84,663,504
Website: http://www.elecnor.com
Address: Elecnor, S.A.
Paseo de la Castellana, 81,
floor 20,
Madrid,
Madrid, 28046,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME ENO Ordinary Shares Bolsas y Mercados Espanoles ES EUR 02. Jan 1992
BST EK5 Ordinary Shares Boerse-Stuttgart DE EUR 02. Jan 1992
LSE 0K97 Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE ENOE Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
13,904
Elecnor employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 21:40
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2018/02/27
Last earnings filing: 2019/03/01
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.