BME:ANA

Stock Analysis Report

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Executive Summary

Acciona, S.A., together with its subsidiaries, engages in the infrastructure, renewable energy, and other business in Spain and internationally.


Snowflake Analysis

Acceptable track record and slightly overvalued.


Similar Companies

Share Price & News

How has Acciona's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ANA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.1%

ANA

5.1%

ES Electric Utilities

2.9%

ES Market


1 Year Return

-6.1%

ANA

12.4%

ES Electric Utilities

-18.7%

ES Market

Return vs Industry: ANA underperformed the Spanish Electric Utilities industry which returned 10.9% over the past year.

Return vs Market: ANA exceeded the Spanish Market which returned -18.4% over the past year.


Shareholder returns

ANAIndustryMarket
7 Day2.1%5.1%2.9%
30 Day-3.7%4.5%-3.1%
90 Day0.7%18.6%12.0%
1 Year-4.4%-6.1%16.3%12.4%-16.4%-18.7%
3 Year30.5%20.5%62.3%44.2%-19.3%-26.6%
5 Year48.6%29.0%57.6%23.9%-14.4%-28.2%

Price Volatility Vs. Market

How volatile is Acciona's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Acciona undervalued compared to its fair value and its price relative to the market?

13.88x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ANA (€90.75) is trading above our estimate of fair value (€71.74)

Significantly Below Fair Value: ANA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ANA is poor value based on its PE Ratio (13.9x) compared to the Electric Utilities industry average (11.3x).

PE vs Market: ANA is good value based on its PE Ratio (13.9x) compared to the Spanish market (15.2x).


Price to Earnings Growth Ratio

PEG Ratio: ANA is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: ANA is good value based on its PB Ratio (1.5x) compared to the ES Electric Utilities industry average (1.7x).


Next Steps

Future Growth

How is Acciona forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

13.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ANA's forecast earnings growth (13.8% per year) is above the savings rate (1.3%).

Earnings vs Market: ANA's earnings (13.8% per year) are forecast to grow slower than the Spanish market (21.8% per year).

High Growth Earnings: ANA's earnings are forecast to grow, but not significantly.

Revenue vs Market: ANA's revenue (6% per year) is forecast to grow faster than the Spanish market (5.6% per year).

High Growth Revenue: ANA's revenue (6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ANA's Return on Equity is forecast to be low in 3 years time (10.3%).


Next Steps

Past Performance

How has Acciona performed over the past 5 years?

4.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ANA has a large one-off gain of €95.6M impacting its March 31 2005 financial results.

Growing Profit Margin: ANA's current net profit margins (4.5%) are higher than last year (4.3%).


Past Earnings Growth Analysis

Earnings Trend: ANA has become profitable over the past 5 years, growing earnings by 4.5% per year.

Accelerating Growth: ANA's earnings growth over the past year (5%) exceeds its 5-year average (4.5% per year).

Earnings vs Industry: ANA earnings growth over the past year (5%) underperformed the Electric Utilities industry 6.1%.


Return on Equity

High ROE: ANA's Return on Equity (11.2%) is considered low.


Next Steps

Financial Health

How is Acciona's financial position?


Financial Position Analysis

Short Term Liabilities: ANA's short term assets (€5.2B) do not cover its short term liabilities (€5.9B).

Long Term Liabilities: ANA's short term assets (€5.2B) do not cover its long term liabilities (€7.2B).


Debt to Equity History and Analysis

Debt Level: ANA's debt to equity ratio (185.4%) is considered high.

Reducing Debt: ANA's debt to equity ratio has reduced from 194.5% to 185.4% over the past 5 years.

Debt Coverage: ANA's debt is not well covered by operating cash flow (10.8%).

Interest Coverage: ANA's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Acciona current dividend yield, its reliability and sustainability?

2.12%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ANA's dividend (2.12%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (2.54%).

High Dividend: ANA's dividend (2.12%) is low compared to the top 25% of dividend payers in the Spanish market (7.21%).


Stability and Growth of Payments

Stable Dividend: ANA's dividend payments have been volatile in the past 10 years.

Growing Dividend: ANA's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (29.4%), ANA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ANA's dividends in 3 years are forecast to be well covered by earnings (47.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average management tenure


CEO

José Manuel Entrecanales Domecq

16.5yrs

Tenure

€4,362,000

Compensation

Mr. José Manuel Entrecanales Domecq serves as a Chairman at JME Venture Capital, SGEIC, S.A. He has been Chairman and Chief Executive Officer of Acciona Mantenimiento de Infraestructuras SA since 2004. Mr. ...


CEO Compensation Analysis

Compensation vs Market: José Manuel's total compensation ($USD4.90M) is above average for companies of similar size in the Spanish market ($USD2.76M).

Compensation vs Earnings: José Manuel's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
José Manuel Entrecanales Domecq
Executive Chairman16.5yrs€4.36m0.030% 1.5m
Juan Ignacio Entrecanales Franco
Executive Vice Chairman & MD16.5yrs€1.65m0.12% 6.0m
Jose Angel Tejero Santos
Group Chief Financial Officer2.5yrsno datano data
Arantza Ezpeleta Puras
Chief Technology & Innovation Officer3.75yrsno datano data
Raimundo Laborde
Global Director of Markets & IR2.08yrsno datano data
Jorge Vega-Penichet López
General Counsel & General Secretary14.5yrsno datano data
Vicente Santamaria-Paredes Castillo
Area General Manager of Complianceno datano datano data
Juan Antonio Muro-Lara Girod
Chief Strategy & Corporate Development Officer15.5yrsno datano data
Jose Joaquín Mollinedo Chocano
Chief Institutional Relations2.5yrsno datano data
Luis Castilla Cámara
Chief Executive Officer of Infrastructure6.5yrsno datano data

5.1yrs

Average Tenure

Experienced Management: ANA's management team is seasoned and experienced (5.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
José Manuel Entrecanales Domecq
Executive Chairman16.5yrs€4.36m0.030% 1.5m
Juan Ignacio Entrecanales Franco
Executive Vice Chairman & MD16.5yrs€1.65m0.12% 6.0m
Daniel Entrecanales Domecq
Non-Executive Proprietary Director11.25yrs€158.00kno data
Javier Ignacio Entrecanales Franco
Non-Executive Proprietary Director8.83yrs€150.00kno data
Juan Carlos Garay Ibargaray
Lead Independent Director3.75yrs€272.00kno data
Ana Inés Saínz de Vicuña Bemberg
Independent Director5.08yrs€182.00kno data
Jerónimo Marcos Gerard Rivero
Independent Director6.08yrs€155.00kno data
Karen Christiana Olsen
Independent Director3.17yrs€170.00kno data
Javier Sendagorta Gómez Del Campillo
Independent Director2.17yrs€155.00kno data
José María Pacheco Guardiola
Independent Director2.17yrs€150.00k0.070% 3.5m

5.6yrs

Average Tenure

Experienced Board: ANA's board of directors are considered experienced (5.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5%.


Top Shareholders

Company Information

Acciona, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information


Number of Employees


Location

  • Acciona, S.A.
  • Avenida de Europa 18
  • Parque Empresarial La Moraleja
  • Alcobendas
  • Madrid
  • 28108
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACXI.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
ANABME (Bolsas y Mercados Espanoles)YesOrdinary SharesESEURJan 1992
AJ3DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0H4KLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
ANAEBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
ANAWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992

Biography

Acciona, S.A., together with its subsidiaries, engages in the infrastructure, renewable energy, and other business in Spain and internationally. The company develops, constructs, operates, and maintains wind, solar photovoltaic, solar thermal, hydro, and biomass plants. It also engages in the construction, engineering, maintenance, and management of public work concessions primarily in the field of transport and social infrastructures, including bridges, roads, and special projects; railroads and tunnels; and hospital and university projects, irrigation, and ports, as well as projects in engineering, concessions, and other businesses. In addition, the company designs, constructs, and operates drinking water treatment plants, desalination facilities, wastewater treatment plants, and tertiary treatment plants for water reuse; and offers service management services, which include water treatment, delivering it to inhabitants, treating urban and industrial wastewater, and billing end-users, as well as undertakes industrial projects. Further, it provides facility, airport handling, waste collection and treatment, logistics, technical, energy, forwarding, rail, urban and environmental maintenance, healthcare, smart city, and event and museum services. Additionally, the company engages in the financial intermediation, fund management, real estate, stock broking, wine production, and other businesses. Acciona, S.A. is headquartered in Alcobendas, Spain. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 20:48
End of Day Share Price2020/07/03 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.