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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  Acciona S.A.    ANA   ES0125220311

ACCIONA S.A.

(ANA)
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Wind turbine maker Nordex's loss widens under margin pressure

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11/13/2019 | 04:37am EST
A worker looks at a wing which is being mechanically lifted at the Nordex wind turbine factory hall in Rostock

German wind turbine maker Nordex fell further into the red in January-September, it said on Wednesday, while its negative free cash flow nearly doubled due to increased investments in rotor blade production in Mexico and Spain.

Total capex nearly doubled in the first nine months of the year to 101 million euros (86.7 million pounds) from 60 million in the same period last year, Nordex, which is subject to a low-ball takeover bid from top shareholder Acciona, said.

Its nine-month net loss widened to 77 million euros, from 52 million a year earlier, while free cash flow was at a negative 156 million, compared with -84 million a year ago.

Nordex's shares were down 2.6% to 12.20 euros at 0907 GMT, with traders pointing to profit taking following the results.

Its current share price is higher than Acciona's 10.32 euros-per-share bid, unveiled last month. Acciona had to make the offer after it surpassed the 30% ownership mark as part of a capital raising Nordex carried out.

It now has a stake of 36.27% in the German group.

Wind turbine makers are currently grappling with a global shift away from subsidies and towards a market-based approach which rewards developers that make the lowest bid for projects and puts pressure on profit margins.

Last week, Nordex's larger rival Siemens Gamesa delayed its 2020 outlook by two years, hit by lower onshore and offshore prices for its turbines amid global trade tensions and uncertainty over Britain's departure from the European Union.

Nordex kept its 2019 targets, still expecting sales of 3.2 billion-3.5 billion euros and a core profit (EBITDA) margin of 3-5%.

(Reporting by Christoph Steitz; Editing by Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
ACCIONA S.A. 0.60% 92 End-of-day quote.24.49%
NORDEX SE 0.87% 12.74 Delayed Quote.66.75%
SIEMENS AG 0.02% 116.78 Delayed Quote.19.94%
SIEMENS GAMESA RENEWABLE ENERGY 1.78% 14.61 End-of-day quote.37.31%
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Financials (EUR)
Sales 2019 7 362 M
EBIT 2019 659 M
Net income 2019 295 M
Debt 2019 6 022 M
Yield 2019 4,00%
P/E ratio 2019 17,5x
P/E ratio 2020 17,5x
EV / Sales2019 1,50x
EV / Sales2020 1,44x
Capitalization 5 014 M
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Technical analysis trends ACCIONA S.A.
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Mean consensus HOLD
Number of Analysts 12
Average target price 101,05  €
Last Close Price 92,00  €
Spread / Highest target 40,2%
Spread / Average Target 9,83%
Spread / Lowest Target -11,3%
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Managers
NameTitle
José Manuel Entrecanales Domecq Chairman & Chief Executive Officer
José Ángel Tejero Santos Group Chief Financial Officer
Arantza Ezpeleta Puras Chief Technology & Innovation Officer
Belén Villalonga Morenés Independent External Director
Daniel Entrecanales Domecq External Director
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