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Tuesday, June 28, 2022

Acciona Energía and Sacyr will replace CIE Automotive and Almirall on the Ibex 35 this Monday

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Acciona Energía and Sacyr will make the jump to the Ibex 35 this Monday, replacing CIE Automotive and Almirall, which will be listed on the Ibex Medium Cap according to changes announced by the Ibex Technical Advisory Committee on June 9th.

Both companies were among analysts’ favorites to make the leap into the Spanish selection alongside Logista by adhering to technical standards for their composition.

Acciona Energía’s entry into the Ibex 35 proved difficult because, despite the high trading volume, 83% of the company’s capital is in the hands of the parent company, the construction company Acciona, which has been present on the Ibex 35 since 1997 with its current name .

However, it ranks 33rd among listed companies by trading volume, with around €725 million between December last year and May this year, a period considered by the Ibex committee for this review.

Acciona Energía debuted on the stock market less than a year ago after placing 17.25% of its capital at a price per share of 26.73 euros, valuing it at 8,800 million euros, Cellnex’s largest IPO in Spain was in 2015.

In this first year, its stocks have been revalued: at the end of last Friday, the shares closed at €34.66, up 29.66% since the listing began in July 2021, with a market capitalization of €11,286 million already the parent company. Likewise, it has already paid its first dividend of 0.28 euros per share, increasing this appreciation for the shareholder.

The company claims to be the largest 100% renewable energy utility in the world with 10.7 gigawatts (GW) of operating assets, around 80% of its production is already contracted and therefore has a low risk profile.

The aim is now to use the IPO to double this installed capacity to 20 GW by 2025, with a total investment of 7,800 million euros. It then plans to reach 30 GW by 2030 through its portfolio of already ongoing projects of 17.4 GW, as well as 33.3 GW with other identified long-term opportunities.


For its part, Sacyr returns to the Spanish main election after six years after its exit in June 2016 when it was trading at 1.6 euros per share, compared to the 2.6 euros at which its shares are currently being exchanged, indicating a revaluation of represents 62% in these years.

Add to the stock price increase the dividends paid from all these years totaling 0.35 euros in cash per share, bringing the total value appreciation for shareholders during the time it was not in the Ibex to 84% 35.

The next dividend of €0.066 per share in cash will be paid this Tuesday, June 21st, although the shares have been listed without entitlement since the 3rd of this month. You can also collect it in the form of new shares at a ratio of 1 new title to 39.

The company was included in the index in June 2003, albeit under its old name of Sacyr Vallehermoso. Ten years later, in October 2013, it was listed on the Ibex under its new name with the sale and deconsolidation of Vallehermoso, its housing and land development subsidiary.

In this way, Sacyr is currently one of the world’s leading infrastructure groups, with operations in almost 20 countries, including the United States, Australia, Brazil, Peru, the United Kingdom, Italy and the Netherlands, and Spain, among others. Currently, around 80% of the portfolio and 70% of sales come from outside Spain and the company plans to continue its internationalization.

In these past six years outside of the Ibex 35, the company has grown from €2,949 million in 2015 to €4,675 million in 2021, up 58%, while tripling its gross operating profit (Ebitda) to €923 million, compared to €318 million a year 2015

Sacyr has also increased its project portfolio by 70% over the period, now reaching €46,000 million, up from €27,000 million six years ago.

With a focus on the concessions market, which accounts for 80% of its project portfolio, the Company’s goal is to achieve EBITDA of 1,200 million by 2025 and reduce net recourse debt to below 500 million by 2022.

Within the calculation period that the Ibex committee uses to decide on new listings, which runs from December 1st to May 31st, Sacyr has accumulated 618 million traded on the exchange, which puts it at number 35, which however contrasts the 19,000 million from Santander, number one in the selection.

Its average capitalization during this period was 1,445 million euros, ahead of Meliá, PharmaMar or Almirall, which are shortlisted.

At the close of trading last Friday, Sacyr shares were trading at EUR 2,380 per share, with a revaluation of 0.59% compared to Thursday. Sacyr’s market capitalization is currently EUR 1,516 million.

Source europapress.es

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