Acciona, S.A. (ANA.MC) | Investment Case

1. Company Snapshot

1.a. Company Description

Acciona, S.A., together with its subsidiaries, engages in the energy, infrastructure, and other businesses in Spain and internationally.The company develops, constructs, operates, and maintains wind, solar photovoltaic, solar thermal, hydro, and biomass plants.It also engages in designing, construction, maintenance, and management of infrastructure projects, including bridges, highways, motorways, roads, tunnels, railway, and metros and trams, as well as ports and water channels, airports, freight forwarding, data centers, substations, and transmission lines.

In addition, the company offers event planning and management services, as well as designs, constructs, and operates drinking water treatment plants, reverse osmosis desalination plants, wastewater treatment plants, and tertiary treatment plants for water reuse; and constructs, operates, and manages health infrastructure, and academic institutions and student residences.Further, it provides museum and art center solutions; urban services; and shared electric motorcycles, as well as undertakes real estate projects; and projects for the urban and social regeneration of spaces.Additionally, the company facility, airport handling, waste collection and treatment, logistics, rail, and other services.

It also engages in the fund management, stock broking, wine production, and other businesses.Acciona, S.A. is headquartered in Alcobendas, Spain.

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1.b. Last Insights on ANA

Acciona's recent performance has been impacted by a lack of major announcements or events. However, the company's valuation has been assessed by investors, with some analysts questioning whether the quiet period is a sign of changing market sentiment. With no significant changes in business conditions or new products, Acciona's steady share price movements may indicate a recalibration of expectations. The company's recent earnings guidance and sector trends have likely influenced investor interest.

1.c. Company Highlights

Last Price	174.1
Change Percentage	-0.51%
Open	175.5
Previous Close	175
Market Cap ( Millions)	9489
Volume	98484
Year High	203
Year Low	103.2
M A 50	183.31
M A 200	154.72

FCF Yield	2.36%
Dividend Yield	3.04%
ROE	17.78%
Debt / Equity	291.16%
Net Debt / EBIDTA	368.25%
Price To Book	2.08
Price Earnings Ratio	11.4
Price To FCF	42.36
Price To sales	0.44
EV / EBITDA	7.67

2. ACCIONA's First Half 2025 Results: Strong Performance Amidst Challenges

ACCIONA reported a strong set of results for the first half of 2025, with revenue growth of 5% to EUR 9.2 billion and EBITDA increasing by 57% to EUR 1.6 billion. Profit before taxes reached EUR 715 million, a 251% increase year-on-year, while net attributable profit amounted to EUR 526 million, more than 4x the figure reported a year ago. The company's EBITDA margin expanded by 570 basis points to 17.4%, driven by the strong performance of its energy and infrastructure businesses.

Publication Date: Aug -15

                                    📋 Highlights
                                    EBITDA Growth:
                                                EBITDA surged 57% to EUR 1.6 billion in H1 2025, driven by strong performance across energy and infrastructure segments.
Asset Rotation Progress:
                                                EUR 2 billion in asset disposals secured since 2024, with EUR 750M–1B targeted for 2025, supporting EUR 1B EBITDA guidance for ACCIONA Energía.
Nordex Momentum:
                                                Order intake jumped 33.8% to 4.5 GW, backlog reached EUR 14.3 billion, and EBITDA margin improved to 5.7% (targeting 8% by year-end).
Infrastructure Expansion:
                                                25 new concessions secured over 5 years, with EUR 58B in projected dividends over asset lifetimes and a EUR 3B equity investment target by 2032.
Water Sector Growth:
                                                EBITDA rose 12.3% to EUR 454 million, with backlog hitting EUR 8.3 billion, fueled by projects like Saadiyat Island desalination and Sanepar in Brazil.

                                

Asset Rotation Strategy Progressing Well

ACCIONA's asset rotation strategy is progressing well, with about 2/3 of the objective already completed or secured. The company remains confident in delivering additional transactions worth EUR 750 million to EUR 1 billion before the end of the year. Arantza Ezpeleta, CEO of ACCIONA Energía, highlighted the company's priorities, including a flexible and selective growth model, a new asset rotation strategy, and capital reduction.

Infrastructure and Water Businesses Performing Strongly

The company's infrastructure business reported a strong performance, particularly in concession scale-up and complex project leadership. ACCIONA secured major transmission line projects, including Central West Orana in Australia and ATN3 in Peru. In the water sector, the company strengthened its presence in Australia with the collaborative contract of the Eyre Peninsula desalination plant.

Nordex and Bestinver Delivering Solid Results

Nordex, ACCIONA's wind turbine business, consolidated its momentum, progressing across service and margin recovery, retaining its position as the second-largest non-Chinese player in the world. Bestinver, ACCIONA's asset management arm, delivered a 7% year-on-year growth in assets under management and continued delivering on the alternative asset portfolio.

Valuation Metrics

ACCIONA's stock is currently trading at a P/E Ratio of 22.49, a P/B Ratio of 1.97, and an EV/EBITDA of 9.62. The company's dividend yield stands at 3.03%, and its free cash flow yield is -14.1%. While the stock appears to be trading at a premium, the company's strong performance and growth prospects may justify the valuation.

Outlook and Guidance

ACCIONA maintains its EBITDA from operations guidance of EUR 2.2 billion to EUR 2.25 billion, with EUR 1 billion coming from ACCIONA Energía and EUR 1.2 billion to EUR 1.25 billion from the rest of the group. Net investment cash flow is expected to be EUR 2.8 billion. The company's production forecast for the year has been revised downwards to 26 terawatt hours, mainly due to the slower-than-expected ramp-up of certain projects.

3. NewsRoom

Acciona (BME:ANA): Exploring the Stock’s Valuation After Extended Gains

Oct -13

Source:

Europe Car Subscription Market Analysis Report 2025-2032: Renault Mobilize, Sixt+ and Acciona Lead Innovation with Flexible Models and EV Battery Services

Oct -02

Source:

China Water Desalination Research Report 2025-2033: Growing Demand in Northern Regions and Coastal Plant Expansion Position Nation as Global Industry Leader

Sep -26

Source:

3D Printing in Construction Market Global Forecast Report 2025-2030 Featuring Key Players - Acciona, AI Build, Apis, COBOD, CONCR3DE, ICON Technology

Sep -12

Source:

Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

Source:

Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

Source:

Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

Source:

Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.74%)

6. Segments

Infrastructure

Expected Growth: 6.15%

Acciona, S.A.'s infrastructure segment growth of 6.15% is driven by increasing demand for sustainable infrastructure, government investments in transportation and energy projects, and the company's strategic expansion into high-growth markets such as renewable energy and water management.

Nordex

Expected Growth: 8.37%

Nordex's 8.37% growth driven by increasing demand for renewable energy, Acciona's strategic expansion into emerging markets, and Nordex's technological advancements in wind turbine design, enabling higher capacity factors and reduced costs. Additionally, favorable government policies and declining renewable energy costs contribute to the growth.

Energy

Expected Growth: 10.55%

Acciona, S.A.'s 10.55% growth in Energy segment is driven by increasing demand for renewable energy, strategic acquisitions, and expansion into new markets. Additionally, investments in wind and solar power, as well as energy storage and grid integration, have contributed to the growth. Furthermore, favorable government policies and regulations supporting the transition to clean energy have also boosted the segment's performance.

Other Activities

Expected Growth: 6.37%

Acciona's 6.37% growth in Other Activities is driven by increasing demand for sustainable solutions, expansion of its water treatment business, and strategic partnerships. Additionally, the company's focus on innovation and digitalization has improved operational efficiency, contributing to the segment's growth.

7. Detailed Products

Renewable Energy

Acciona Energía is a global leader in the development, construction, and operation of renewable energy facilities, including wind, solar, hydro, and biomass power plants.

Infrastructure

Acciona Infrastructure is a leading provider of infrastructure development, construction, and operation services, including roads, highways, bridges, and buildings.

Water

Acciona Agua is a global leader in water treatment and management, providing solutions for water supply, wastewater treatment, and desalination.

Services

Acciona Services provides a range of services, including facility management, maintenance, and operation of infrastructure, industrial, and energy assets.

Construction

Acciona Construction is a leading construction company, specializing in building, civil engineering, and industrial construction projects.

Industrial

Acciona Industrial provides engineering, procurement, and construction (EPC) services for industrial projects, including power generation, oil and gas, and process industries.

8. Acciona, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Acciona, S.A. operates in the renewable energy industry, which has a moderate threat of substitutes. While there are alternative sources of energy, such as fossil fuels, the increasing demand for renewable energy and government regulations supporting its adoption reduce the threat of substitutes.

Bargaining Power Of Customers

Acciona, S.A. has a diversified customer base, including governments, corporations, and individuals. The bargaining power of customers is low due to the lack of concentration in the customer base and the company's ability to negotiate prices.

Bargaining Power Of Suppliers

Acciona, S.A. relies on a diverse range of suppliers for its operations, including equipment manufacturers and service providers. The bargaining power of suppliers is moderate due to the availability of alternative suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The renewable energy industry has a high threat of new entrants due to the increasing demand for clean energy and government incentives supporting the adoption of renewable energy. However, Acciona, S.A.'s established brand and expertise in the industry provide a barrier to entry for new competitors.

Intensity Of Rivalry

The renewable energy industry is highly competitive, with many established players competing for market share. Acciona, S.A. faces intense competition from companies such as Vestas, Siemens Gamesa, and Enercon, which increases the intensity of rivalry in the industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	67.68%
Debt Cost	7.08%
Equity Weight	32.32%
Equity Cost	7.12%
WACC	7.10%
Leverage	209.40%

11. Quality Control: Acciona, S.A. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Acciona

A-Score: 6.4/10

Value: 5.4

Growth: 7.6

Quality: 3.9

Yield: 5.6

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

Ackermans & Van Haaren

A-Score: 6.3/10

Value: 7.0

Growth: 6.0

Quality: 5.3

Yield: 3.1

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

Sacyr

A-Score: 6.2/10

Value: 5.6

Growth: 5.7

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 9.0

1-Year Total Return ->

Skanska

A-Score: 5.8/10

Value: 6.2

Growth: 4.1

Quality: 5.4

Yield: 5.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

SPIE

A-Score: 5.7/10

Value: 4.4

Growth: 6.1

Quality: 3.4

Yield: 4.4

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

DEME

A-Score: 5.1/10

Value: 7.9

Growth: 5.8

Quality: 5.5

Yield: 1.9

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

46.36%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.10%

Acciona, S.A. - ES0125220311

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ANA

1.c. Company Highlights

Cheaper

Lower Quality

Weak Momentum

Higher Growth

Revenues Miss

Average Yield

Higher Yield

Strong Momentum

Stable Momentum

Medium Volatility

Less Volatile

2. ACCIONA's First Half 2025 Results: Strong Performance Amidst Challenges

Asset Rotation Strategy Progressing Well

Infrastructure and Water Businesses Performing Strongly

Nordex and Bestinver Delivering Solid Results

Valuation Metrics

Outlook and Guidance

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.74%)

6. Segments

Infrastructure

Expected Growth: 6.15%

Nordex

Expected Growth: 8.37%

Energy

Expected Growth: 10.55%

Other Activities

Expected Growth: 6.37%

7. Detailed Products

Renewable Energy

Infrastructure

Water

Services

Construction

Industrial

8. Acciona, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Acciona, S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

174.1$

Current Price

174.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA