Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed.
With Repsol as its partner, Acteco will be able to double its capacity for recycling plastics in the next 5 years. The two companies have been collaborating for 5 years, promoting new models based on the circular economy and centred on the recovery of polymers once the useful life of these products is over. This model looks to reinsert the polymers into new, high valued-added products for sectors like the automotive, health, construction, packaging and infrastructures.
In 2018, the two companies signed an agreement in which they committed to increasing productive capacity at Acteco’s plant in Alicante, Ibi. The products developed in that plant also formed part of Repsol’s Reciclex range.
Valuation:
Neutral impact. Repsol continues to bet on decarbonisation, the circular economy and the company’s vertical integration. It is driving forward with the goal of reaching 20% of the production of polyolefins for 2030.
We reiterate our OVERWEIGHT recommendation, with a Target Price of 18,9 euros/share.
