Banc Sabadell | From the interview with José Manuel Entrecanales (Chairman of Acciona (ANA)) in the newspaper Expansión, we highlight the following messages:
- Asset rotation: He states that it is progressing at a good pace and that it is a recurring lever within the business model, as it allows for accelerated growth, balance sheet optimisation and improved return on capital. He comments that in 2026 they still have to make an effort on debt. However, they do not rule out non-organic corporate operations (entry of partners) as long as they contribute more than just capital and strengthen their long-term positioning. Our estimates include asset turnover of €650 million in 2026 to leave the leverage ratio at around 3.2x DFN/EBITDA. We note that to maintain the IG rating, they must be below 3.5x.
- Options regarding Acciona Energía (ANE) (91% controlled by Acciona): Reiterates that all alternatives are open and that no decision has been made. Although the share price has recovered somewhat, they continue to see intrinsic value clearly higher than that reflected in the share price.
- Exposure to the United States: This continues to be a strategic market, as demonstrated by the concession projects led by the company. With regard to the deployment of renewables, away from the short-term noise that has led them to postpone two battery projects in Texas, it believes that the energy transition is progressing in the long term.
Assessment: These messages reiterate the company’s already known strategies, focused in the short term on asset rotation to preserve the balance sheet at Acciona Energía and expand in concession/infrastructure businesses in other geographies such as the United States and Australia, highlighting the group’s diversification (both in geographies and businesses). However, at these prices, we do not see any potential.
