Rankings Utilities & power Acciona Energía
Acciona Energía
69
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- ROIC and margin−5
- Quality of growth−5
- Multiples vs own history−4
Strengths
- Asset sales above book value+1
How the score is built
From 100 to 69, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 21.90 EUR
- Median analyst target
- 22.75 EUR
- Upside to median
- +3.9%
- Analysts
- 20
- Target range
- 17.00 – 28.30 EUR
- 52-week change
- −10%
- P/E (trailing)
- 43.8
- Forward P/E
- 21.7
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −5ROIC and marginROIC 2.6% vs a WACC of 5.1% – far below the cost of capital – ROE 3.3% and net margin 5.5% TTM; H1 2026 produced a loss of 18 m € vs a profit of 455 m € a year earlier.
- −5Quality of growthNet income of €655m in 2025 included €697m in gains on asset sales, so underlying operations were roughly at zero; EBITDA is expected to fall about 22% to €1.2bn in 2026, and installed capacity has shrunk by 448 MW in a year.
- −3Pricing powerThe captured power price fell 13.7% to EUR 54.8/MWh in H1 2026 and in Spain 26.7% to 59.3/MWh; generation revenue fell 10% – the company is a price taker in a market with increasing solar cannibalisation.
- −3Capital allocationInvestments of €1.9bn and €1.6bn in 2023–2024 gave negative FCF of €1.5bn and €0.9bn and a doubling of net debt from €2.3bn to €4.8bn; now assets worth €2bn must be sold in 2026, and the dividend has been cut from €0.44 to €0.03 per share.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyTrailing P/E 44.7 vs. 11.1–29.6 in 2021–2025 (above the top), forward P/E 22.4 vs. 12.6–26.8 (upper part) and EV/EBITDA 12.7 vs. 8.5–13.8 (upper part); only P/B 1.11 vs. 0.93–2.00 is low – on earnings that are expected to fall.
- −3FCF yieldNegative FCF four years in a row (−€260m TTM, about −3.6% of the €7.2bn market value); the debt reduction rests on asset sales, not on operating cash flow of €427m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −4Debt and ratingFitch maintained BBB- (lowest investment grade) but changed the outlook to negative due to delayed asset sales; net debt rose by €281m to €4,442m in H1 2026 (about 5x EBITDA TTM), and the target of under €3bn at year-end requires asset sales of about €2bn.
- −2Controlling shareholder and strategic uncertaintyAcciona S.A. owns 91.1% and has hired Goldman Sachs and Citi to solicit bids for anything from a minority stake to a full sale or delisting; free float is only about 9%, and minority shareholders have no real influence.
- −1Restructuring and impairmentsRestructuring provision of €21m and impairments of €15m in H1 2026, including on a Portuguese solar project.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Asset sales above book valueAssets are sold at a gain (EUR 697m in 2025); in July 361 MW of wind was sold to Galp and 64 MW of hydropower to White Summit, giving about EUR 310m in rotation EBITDA and reducing debt by about EUR 500m.
Caveats
What the score does not capture, or where the data is weak.
Acciona S.A. owns 91.1% and is exploring anything from a minority partner to a full sale or delisting; the share price may therefore be affected by bid speculation and is not fundamental – no extra points have been given for it. Reported earnings are dominated by gains on asset sales (EUR 697m in 2025, EUR 206m TTM); there is no official adjusted earnings figure in the sources. Stockanalysis' FCF forecast of EUR 1.59bn for 2026 probably includes proceeds from asset sales and has not been used. The share count (−0.6%) is negligible and not used. Price targets have not been checked for updates. Cyclical set to false per the rule for utilities, even though earnings largely follow power prices (captured price −13.7% in H1); flagged as a model observation. Insider trading and US tariffs on solar panels have not been investigated.
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