Acciona lends Nordex €286 Mn to meet bond maturity


Intermoney | According to today’s Cinco Dias, Acciona (Buy, TP 245 euros/share) has decided to lend 286 million euros to Nordex, its German wind turbine manufacturer subsidiary. The reason for the loan is so that Nordex can repay the green bond for a similar amount which matures next February. This instrument was issued in 2018, with a 5-year maturity and a coupon of 6.5%. The newspaper reports that at the moment Nordex prefers not to call on the market to renew this financing, given the current circumstances. So far in 2022, Acciona has subscribed to two capital hikes made by Nordex, increasing its stake in the firm to the current 41% after shelling out 223 million euros.

Valuation: Acciona is once again showing by its actions its commitment to Nordex, a company which, in fact, is its sole supplier of wind turbines. The hike in costs are causing a strong contraction of margins for the latter. And it does not come as a surprise that it expects to close 2022 with gross margins of between 0 and -4%. On the other hand, the high energy costs have allowed the parent company to generate EBITDA in H1’22 of 1.064 billion euros, up 65% from a year earlier. Of this amount, 90% comes from its renewables business. That said, its infrastructure business also saw growth, given that the increase in revenues more than offset the rise in costs.

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