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    ANA   ES0125220311

ACCIONA, S.A.

(ANA)
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Spain's Acciona seeks $11.6 bln valuation with renewables IPO

06/17/2021 | 04:25pm EDT

* Acciona's energy unit valued between 8.8 bln and 9.8 bln euros

* IPO could be worth 2.45 bln or 2.82 bln euros with greenshoe

MADRID, June 17 (Reuters) - Spain's Acciona said on Thursday it was targeting a valuation of up to 9.8 billion euros ($11.66 billion) for its energy business following the listing of up to 25% of this unit, in what is set to be one of the biggest in a record year so far for listings in Europe.

The deal targets a lower valuation than the 12.1 billion euros achieved by Vodafone's infrastructure unit Vantage Towers in a blockbuster deal in March but higher than the 7.6 billion pounds ($10.58 billion) achieved by British online food company Deliveroo in March.

The energy and infrastructure group said in a statement it planned to price its energy unit on the domestic stock market at between 26.73 euros and 29.76 euros per share, raising as much as 2.45 billion euros without taking into account an over-allotment option to the joint global coordinators of the deal.

The planned IPO, which initially offers between 15% and 25% of its renewable business and is the largest in Spain in more than six years, has been one of the most closely watched deals in Europe.

Renewable energy stocks have pulled back from their January highs, casting some doubt over whether the sector would be as warmly viewed by investors as previously. Smaller renewable firm OPDenergy pulled a planned Madrid IPO earlier this year, while Ecoener downsized its transaction.

Investors are clamouring for businesses that can help the world's economies shift away from fossil fuels and stave off potentially catastrophic climate change.

With the so-called greenshoe option of between 10% and 15% of the offer, the deal could be worth up to 2.817 billion euros.

The IPO, addressed to qualified investors, will be carried out through the placement by parent company Acciona of ordinary shares of its unit, under the terms set in the prospectus to be submitted to the CNMV, it said.

The price range would give its energy unit a valuation of between 9.8 billion euros and 8.8 billion euros, higher than the current group's valuation of 7.56 billion euros.

Acciona said its renewables energy unit would apply for admission to negotiation on the Spanish stock market without providing a date.

($1 = 0.8402 euros)

(Reporting by Jesús Aguado and Isla Binnie; editing by Emma Pinedo and Diane Craft)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ACCIONA, S.A. 0.00% 131.7 Delayed Quote.12.94%
DELIVEROO PLC 2.25% 323.1 Delayed Quote.0.00%
GRUPO ECOENER, S.A.U. -2.26% 5.18 Delayed Quote.0.00%
VANTAGE TOWERS AG -2.38% 29.08 Delayed Quote.0.00%
VODAFONE GROUP PLC 0.68% 116.14 Delayed Quote.-4.63%
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Financials
Sales 2021 7 129 M 8 465 M 8 465 M
Net income 2021 324 M 384 M 384 M
Net Debt 2021 5 325 M 6 323 M 6 323 M
P/E ratio 2021 22,2x
Yield 2021 3,06%
Capitalization 7 197 M 8 497 M 8 546 M
EV / Sales 2021 1,76x
EV / Sales 2022 1,76x
Nbr of Employees 37 459
Free-Float 43,2%
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Technical analysis trends ACCIONA, S.A.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 131,80 €
Average target price 150,54 €
Spread / Average Target 14,2%
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Managers and Directors
JosÚ Manuel Entrecanales Domecq Chairman & Chief Executive Officer
JosÚ ┴ngel Tejero Santos Group Chief Financial Officer
Arantza Ezpeleta Puras Chief Technology & Innovation Officer
Vicente SantamarÝa de Paredes Castillo Area General Manage-Compliance
Jerˇnimo Marcos Gerard Rivero Independent Director
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1st jan.Capi. (M$)
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