Acciona abandons the race for high speed trains in Spain

Banc Sabadell | Acciona may have decided not to continue in the bid to compete with Renfe in the liberalisation of high speed trains in Spain.

We recall at the end of last year Acciona had reached an agreement with ILSA to participate jointly in the process. Some sources spoke of a total investment in the project of ~500 M€ (4.5% of EV of Acciona).

News of limited impact, which if confirmed we would value positively to the extent that, despite not contemplating the project in our estimates or valuation (for the limited visibility provided on it so far), supposes that Acciona can dedicate more resources to their core business (fundamentally renewable energies – 65% of EV of Acciona), limiting the complexity of their business structure.