Corporacion Acciona Energias Renovables SA
ANE: XMAD (ESP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€94.00 | Mpqw | Mbfstzpff |
Acciona Energia Earnings: Capacity Additions Cut to Protect the Balance Sheet; Shares Undervalued
We maintain our EUR 32 fair value estimate after no-moat Acciona Energia released 2023 results in line with expectations and set 2024 guidance below our estimates, but above FactSet consensus. It also cut its medium-term capacity addition targets and said it will resort to regular asset rotations. This was welcomed by the market with a high-single-digit jump in the share price at the time of writing. Shares are materially undervalued.