Intermoney | Acciona (Buy, PO €185) announced yesterday, while the market was open, that it had been awarded, through its Polish subsidiary to Mostostal Warszawa, the 7.94 km section between Niemcza and Ząbkowice Śląskie. This section forms part of the S8 motorway between Wrocław and Kłodzko, which runs for 87 km along the western fringe of the country. The contract is worth PLN305.7 million (€71.3 million). The Group has been present in Poland since 1999, controlling 62% of Motostal, one of the country’s largest construction companies.
Assessment: Acciona is not only present in Poland with civil works contracts, but has also built housing in the country’s capital, Warsaw. The Group has a small renewable capacity (wind farms) in that market, totalling 101 MW. In contrast to the difficulties of the renewable business, affected by the sharp correction in prices since 2022, the construction activities have performed favourably. After increasing its EBITDA by 63% in 2023 to €370 million, in 1H24 this figure rose by 60% to €236 million. We expect that the group of activities that are not renewable energy generation will contribute an EBITDA of close to €1,060 million in 2024e, close to the amount estimated precisely for Acciona Energía.