European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Event-Driven

On 17 June, <a href="https://www.smartkarma.com/entities/acciona-sa" target="_blank" data-smartkarma-citation="entities:21248:1" rel="noopener">Acciona SA (ANA SM)</a> set the price range for the initial public offering of Acciona Energía.
<ul>
<li>
The price range for the IPO will be €26.73 - € 29.76/share.
</li>
<li>
For an equity value of €8.8 bn - €9.8 bn, and an EV €11.9 bn - €12.9 bn.
</li>
<li>
Acciona told market regulator the CNMC in a filing that it has authorized the placement of a minimum 15% and maximum 25% of the subsidiary's share capital. Greenshoe will represent between 10% and 15% of the initial offer.
</li>
<li>The final price will be set on 29 June, and shares will start trading on 1 July.</li>
</ul>
Acciona Energía has committed c. €8 bn worth of investments to reach 30,000 MW installed in 2030. Q1 net income for Acciona Energía was €121 mn.
With the operation, Acciona will significantly reduce corporate debt after the capitalization of intra-group loans and will prepare the subsidiary to triple its current size.
The IPO range is in the lower band of previous valuation expectations, initially an upper band up to €12 bn was considered.
I believe that this valuation range for Acciona Energía allows for potential upside. My new DCF based TP for Acciona is €159/share (7% down from my previous TP), for an implied 11.5x EV/21e EBITDA.
Recommendation is long ANA SM, TP €159.

On 17 June, Acciona SA (ANA SM) set the price range for the initial public offering of Acciona Energía.


The price range for the IPO will be €26.73 - € 29.76/share.


For an equity value of €8.8 bn - €9.8 bn, and an EV €11.9 bn - €12.9 bn.


Acciona told market regulator the CNMC in a filing that it has authorized the placement of a minimum 15% and maximum 25% of the subsidiary's share capital. Greenshoe will represent between 10% and 15% of the initial offer.

The final price will be set on 29 June, and shares will start trading on 1 July.

Acciona Energía has committed c. €8 bn worth of investments to reach 30,000 MW installed in 2030. Q1 net income for Acciona Energía was €121 mn.
With the operation, Acciona will significantly reduce corporate debt after the capitalization of intra-group loans and will prepare the subsidiary to triple its current size.
The IPO range is in the lower band of previous valuation expectations, initially an upper band up to €12 bn was considered.
I believe that this valuation range for Acciona Energía allows for potential upside. My new DCF based TP for Acciona is €159/share (7% down from my previous TP), for an implied 11.5x EV/21e EBITDA.
Recommendation is long ANA SM, TP €159.

Price Range Set for Acciona Renewables Spin-Off