Definitive Analysis
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Definitive Analysis

Financials

Fundamentals

Ticker

Industry

Sector

Corporación Acciona Energías Renovables, S.A. (ANE.MC)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$29.56 - $51.26$38.87
Multi-Stage$52.21 - $57.43$54.77
Blended Fair Value$46.82
Current Price$19.60
Upside138.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS8.70%0.00%0.580.880.390.800.330.380.110.000.000.00
YoY Growth---34.27%125.20%-51.34%144.38%-13.80%247.06%0.00%0.00%0.00%0.00%
Dividend Yield--3.42%4.41%1.10%0.00%1.12%1.30%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)747.00
(-) Cash Dividends Paid (M)143.00
(=) Cash Retained (M)604.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)149.4093.3856.03
Cash Retained (M)604.00604.00604.00
(-) Cash Required (M)-149.40-93.38-56.03
(=) Excess Retained (M)454.60510.63547.98
(/) Shares Outstanding (M)324.29324.29324.29
(=) Excess Retained per Share1.401.571.69
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share1.401.571.69
(=) Adjusted Dividend1.842.022.13
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.24%1.24%2.24%
Fair Value$29.56$38.87$51.26
Upside / Downside50.81%98.33%161.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)747.00756.29765.70775.22784.87794.63818.47
Payout Ratio19.14%33.31%47.49%61.66%75.83%90.00%92.50%
Projected Dividends (M)143.00251.96363.60477.98595.15715.17757.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.24%1.24%2.24%
Year 1 PV (M)234.26236.59238.93
Year 2 PV (M)314.31320.61326.97
Year 3 PV (M)384.16395.77407.61
Year 4 PV (M)444.73462.74481.29
Year 5 PV (M)496.86522.14548.44
PV of Terminal Value (M)15,055.8815,821.9816,618.95
Equity Value (M)16,930.1917,759.8318,622.20
Shares Outstanding (M)324.29324.29324.29
Fair Value$52.21$54.77$57.43
Upside / Downside166.37%179.42%192.99%

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