What moat does Corporación Acciona Energías Renovables have?

The advantage is the plant already built, with its grid access and with whatever contract it has. A wind farm is not raised in one quarter. It is not an exclusive licence on the wind and not a network the neighbour cannot duplicate. The moat narrows if the power price falls below what the project needed, if the contract ends, or if the cost of financing the next asset eats the return.

How do you read the Corporación Acciona Energías Renovables radar?

Health is debt against plants. Looking high can be the model, and it can also be too much debt. Quality is the generation margin when the price is there, not a regulated-network margin. Growth is the next megawatt that fits, not a software curve. ANE.MC's valuation is not ANA.MC's: there is a holding there. Shareholder return is the dividend, crossed with the investment that growth takes.

Which multiples matter for Corporación Acciona Energías Renovables?

EV/EBITDA of a year of high power prices is not normal earnings. P/E is read against the framework and against how much output is contracted. The debt goes inside. Do not use Endesa's multiple as if Acciona Energía had the same network. A dash means the ANE.MC cache is cold.

What does this Corporación Acciona Energías Renovables analysis leave out?

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

Corporación Acciona Energías Renovables (ANE.MC) analysis

Corporación Acciona Energías Renovables, S.A.

Sector:Utilities · Renewable Generation

Country:Spain

Profile and moat

Acciona Energía generates renewable electricity: wind, hydro and other plants. The listing on this page is ANE.MC, the generator, not the Acciona parent, which is ANA.MC. It is not Endesa and it is not Iberdrola: there is no regulated distribution network here collecting on the neighbourhood cable.

Earnings follow the power price, the sale contract each plant has, and the framework. Some output may be contracted and some sold into the market. This report does not say which share is which. Interest rates matter because the asset is financed. The CNMC and energy politics can change remuneration, a cap or a levy. That is not a coupon.

The dividend comes from the cash generation leaves after interest and after investing in the next plant. This report does not state a yield or a share of the renewable fleet.

Corporación Acciona Energías Renovables (ANE.MC) analysis

Corporación Acciona Energías Renovables, S.A.

Sector:Utilities · Renewable Generation

Country:Spain

Profile and moat

The dividend comes from the cash generation leaves after interest and after investing in the next plant. This report does not state a yield or a share of the renewable fleet.

Corporación Acciona Energías Renovables (ANE.MC) analysis

Profile and moat

Corporación Acciona Energías Renovables (ANE.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Corporación Acciona Energías Renovables have?

How do you read the Corporación Acciona Energías Renovables radar?

Which multiples matter for Corporación Acciona Energías Renovables?

What does this Corporación Acciona Energías Renovables analysis leave out?

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