Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6% to 39.6%. The subscription price was 8,7 euros per share, the same price as the company’s shares closed at last Friday.
Valuation:
Acciona has redoubled its bet on Nordex, investing 130 million euros in this transaction. We believe the Group’s aim is to financially support Nordex, at a difficult time, due to supply problems and inflationary pressures. The German firm is an almost exclusive supplier of wind turbines for Acciona Energía (Buy, Target Price 34 euros/share). The latter is facing a decisive 2023, in line with its own targets to increase installed capacity by 2.600 MW. With regard to results, high energy prices in Spain, amongst other markets, should allow for increases in EBITDA of well over 10% this year.
