LONDON, June 18 (Reuters Breakingviews) – The IPO of Spain’s Acciona (ANA.MC) has blown a fuse. On Thursday evening, the Madrid-listed infrastructure company said it read plus an indicative price range for the planned spin-off of its wind and solar unit. At mid-term and debt included, the activity is valued at 12.4 billion euros. That’s about 2 billion euros less than what business advisers including Citi, Morgan Stanley, JPMorgan and Goldman Sachs had mentioned.
A liquidation of green energy shares since January is part of the reason for the surrender, as is the continued control of the Entrecanales family. Assuming 2020 EBITDA of EUR 859 million increases by 13% this year, Acciona Energía, as the spawn is called, would be valued at around 13 times EBITDA over time, lower than its peers EDP Renováveis ( EDPR.LS) and Orsted (ORSTED.CO), which trade on average around 16 times, according to data from Refinitiv. Like its rivals, however, Acciona has an impressive track record and ambitious plans to nearly double its capacity to 20 gigawatts by 2025. This could lead to a longer-term surge. (By Christophe Thompson)
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