What moat does Acciona have?

The advantage is the plant already built and the contract that goes with it, plus the ability to deliver water and complex infrastructure. It is not a distribution network the neighbour cannot duplicate. The moat narrows if the power price falls below what the project needed, if the contract is renegotiated, or if the cost of financing the next asset eats the return.

How do you read the Acciona radar?

Health is debt against projects. Looking high can be the infrastructure model, and it can also be too much debt. Quality separates the water and works margin from the generation result, which follows the price. Growth is the next project and what the listed renewable does. ANA.MC's valuation is not ANE.MC's: there is a holding on top. Shareholder return is the dividend, crossed with the investment that growth takes.

Which multiples matter for Acciona?

The parent's P/E mixes what is consolidated and the stake. EV/EBITDA of a year of high power prices is not normal earnings. The value of the ANE.MC stake has to be read in that listing, not invented here. Do not use Endesa's multiple as if Acciona had the same network. A dash means the ANA.MC cache is cold.

What does this Acciona analysis leave out?

Not advice on ANA.MC. Vaultflake does not model a water contract or the wholesale price. This is not the ANE.MC report. Read the CNMV filings. A past dividend is not a right. The table is a snapshot, not a target price.

Acciona (ANA.MC) analysis

Acciona, S.A.

Sector:Utilities · Infrastructure and Renewables

Country:Spain

Profile and moat

Acciona puts infrastructure, with weight in water and in transport, together with a stake in Acciona Energía, which is listed on its own as ANE.MC. It is not a regulated distributor like Endesa. The value sits in the assets it builds and operates, and in what that renewable stake is worth.

Desalination and water treatment are contracts and plants, not a monopoly on the tap. Renewable generation is paid by the power price, by whatever sale contract it has, and by the framework. Interest rates matter because the asset is capital intensive. This report does not state a desalination share or a percentage of the subsidiary.

The dividend comes from what the infrastructure and the stake leave. It is not a regulated utility coupon. Compare Acciona with Iberdrola only to see the difference: there is a regulated network there; here the weight is the project and the energy price.

Acciona (ANA.MC) analysis

Acciona, S.A.

Sector:Utilities · Infrastructure and Renewables

Country:Spain

Acciona (ANA.MC) analysis

Profile and moat

Acciona (ANA.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Acciona have?

How do you read the Acciona radar?

Which multiples matter for Acciona?

What does this Acciona analysis leave out?

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