Bankinter | Business evolution in the first half of the year is positive and Acciona’s results reflect solid progress in EBITDA (+65%) and in NAP (+36%). Acciona Energía is the main results’ growth driver thanks to a strong increase in average prices (+70%), along with a modest advance in capacity (+2%).
The company’s infrastructure portfolio has reached a new record high after increasing by a further 14% in the first six months. With regard to the real estate division, commercial activity is good, with growth in the pre-sales portfolio. Whatsmore, the value of the assets maintains its upward trend (+9% vs December).
On a slightly less positive note, we would highlight the decline in the assets managed by Bestinver (due to the unfavourable performance by the markets), the delays in Acciona Energía’s new capacity (due to bottle necks in supply chains and protectionist measures in the US) and Nordex’s losses.
In the wake of these results, we are hiking our Target Price to 230,20 euros/share from 200 and maintain our Buy stance. The rise in the Target Price is the result of Acciona Energía’s increased value – after good H1 results – and transferring the valuation of the group to December 2023. Acciona’s growth story continues to be supported by a solid growth plan in renewables, an infrastructure portfolio at record highs and positive commercial activity in the real estate division. Our estimates point to annual average growth of 9% in EBITDA in the period 2021-2026.