Corporacion Acciona Energias Renovables SA

ANE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€78.00	Xxmpj	Hgfqccmg

Acciona Energia Trading Statement: Fall in Power Prices Puts 2023 Guidance at Risk

Tancrede Fulop

May 12, 2023

We don't plan to materially change our EUR 35 fair value estimate after no-moat Acciona Energia released its first-quarter trading statement. Although the group confirmed its 2023 guidance, we see it at risk given the fall in wholesale power prices in Europe. Shares are in 3-star territory meaning there is not enough margin of safety to buy them.

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